Business
AMERISAFE Announces 2019 Fourth Quarter and Year-End Results
Reports $92.7 Million Net Income in 2019 DERIDDER, La., Feb. 19, 2020 (GLOBE NEWSWIRE) -- AMERISAFE, Inc. (Nasdaq: AMSF), a specialty provider of workers’
About this update from Amerisafe, Inc.
[{"type":"text","content":"Reports $92.7 Million Net Income in 2019\nDERIDDER, La., Feb. 19, 2020 (GLOBE NEWSWIRE) -- AMERISAFE, Inc. (Nasdaq: AMSF), a specialty provider of workers’ compensation insurance focused on high hazard industries, today announced results for the fourth quarter and year ended December 31, 2019.\n Three Months Ended Twelve Months Ended December 31, December 31, 2019 2018 % Change 2019 2018 % Change (in thousands, except per share data) (in thousands, except per share data) Net premiums earned$82,277 $88,837 -7.4% $332,888 $350,326 -5.0%Net investment income 8,035 8,056 -0.3% 32,483 30,452 6.7%Net realized losses on investments, pretax (53) (65) -18.5% (80) (1,536) NM Net income 34,014 18,806 80.9% 92,690 71,632 29.4%Diluted earnings per share$1.76 $0.98 79.6% $4.80 $3.71 29.4%Operating net income 32,797 20,711 58.4% 88,994 74,495 19.5%Operating earnings per share$1.70 $1.07 58.9% $4.60 $3.86 19.2%Book value per share$22.29 $21.26 4.8% $22.29 $21.26 4.8%Net combined ratio 59.6% 81.0% 76.6% 82.9% Return on average equity 30.3% 17.3% 22.1% 17.2% G. Janelle Frost, President and Chief Executive Officer, noted, “The current soft market is unique in its challenges given the state of the property and casualty industry. AMERISAFE is a specialist, and our distinctive approach to workers’ compensation produced another year of excellent financial results. We reported a combined ratio of 76.6% and a return on average equity of 22.1% in 2019, the fourth year of workers’ compensation rate declines. For AMERISAFE, less than anticipated average loss severity for prior years offset the impact of lower premiums.” INSURANCE RESULTS Three Months Ended Twelve Months Ended December 31, December 31, 2019 2018 % Change 2019 2018 % Change (in thousands) (in thousands) Gross premiums written$70,706 $75,328 -6.1% $333,460 $351,696 -5.2%Net premiums earned 82,277 88,837 -7.4% 332,888 350,326 -5.0%Loss and loss adjustment expenses incurred 33,535 52,055 -35.6% 176,342 204,891 -13.9%Underwriting and certain other operating costs, commissions, salaries and benefits 14,681 18,979 -22.6% 74,351 81,133 -8.4%Policyholder dividends 797 858 -7.1% 4,160 4,148 0.3%Underwriting profit (pre-tax)$33,264 $16,945 96.3% $78,035 $60,154 29.7% Insurance Ratios: Current accident year loss ratio 72.5% 71.5% 72.5% 71.5% Prior accident year loss ratio -31.7% -12.9% -19.5% -13.0% Ne...