Amerisafe (Nasdaq: AMSF) Q2 2026 shows premium growth but weaker underwriting

Rhea-AI Filing Summary

AMERISAFE reported results for the second quarter ended June 30, 2026, with net premiums earned of $77,273 thousand, up 11.4% year over year, and gross premiums written of $85,968 thousand, up 7.9%. Net income was $14,595 thousand and diluted EPS $0.78, increases of 4.6% and 6.8%, respectively.

Loss and loss adjustment expenses incurred rose 18.9% to $48,341 thousand, and the net combined ratio increased to 95.4% from 91.7%. Underwriting profit was $3,562 thousand versus $5,736 thousand a year earlier. Operating net income declined 17.9% to $8,254 thousand and operating EPS to $0.44. Return on average equity was 23.5% for the quarter and 18.1% for the first six months of 2026.

Capital management actions included a quarterly cash dividend of $0.41 per share, 5.1% higher than a year earlier, and repurchase of 184,093 shares for $5.6 million, leaving $7.3 million of authorization at June 30, 2026. Book value per share was $13.49, up 0.7% from $13.39 at December 31, 2025.

Positive

• Net premiums earned grew 11.4% year over year in Q2 2026 to $77,273 thousand, marking the ninth consecutive quarter of top-line growth for AMERISAFE.
• Capital returned to shareholders increased with a quarterly dividend of $0.41 per share, 5.1% higher than a year earlier, plus repurchase of 184,093 shares for $5.6 million and $7.3 million of remaining authorization.
• Return on average equity reached 23.5% for Q2 2026 and 18.1% for the first six months of 2026, indicating profitability remains high relative to shareholders’ equity.

Negative

• Operating net income declined 17.9% in Q2 2026 to $8,254 thousand, and operating EPS fell 17.0% to $0.44, pointing to weaker underlying earnings despite premium growth.
• Net combined ratio rose to 95.4% from 91.7% a year earlier, and to 94.3% from 90.5% for the first six months, reflecting higher losses and expenses relative to premiums.
• Book value per share decreased 3.4% year over year to $13.49 at June 30, 2026, even though it increased modestly from $13.39 at December 31, 2025.

Filing Explained

The completed results filing adds a period-end balance-sheet update: cash was $65,476 thousand and shareholders’ equity was $249,991 thousand at June 30, 2026.

The July 21 Form 8-K records a material event through the company’s completed announcement of second-quarter results in an attached press release.

At June 30, the balance-sheet update reported cash and cash equivalents of $65,476 thousand versus $61,926 thousand at December 31, 2025, while shareholders’ equity was $249,991 thousand versus $251,598 thousand.

Over the same dates, loss and loss-adjustment reserves declined from $613,583 thousand to $594,090 thousand, while unearned premiums increased from $135,503 thousand to $149,341 thousand.

The release identifies operating net income as a non-GAAP measure reconciled to GAAP net income by removing realized and unrealized investment gains or losses and their tax effect; second-quarter operating net income was $8,254 thousand versus GAAP net income of $14,595 thousand.

8-K Event Classification

2 items: 2.02, 9.01

2 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

Key Figures

Net premiums earned: $77,273 thousand Net income: $14,595 thousand Diluted EPS: $0.78 +5 more

8 metrics

Net premiums earned $77,273 thousand Three months ended June 30, 2026; up 11.4% year over year

Net income $14,595 thousand Three months ended June 30, 2026; up 4.6% year over year

Diluted EPS $0.78 Q2 2026 diluted earnings per share; up 6.8% vs Q2 2025

Operating EPS $0.44 Q2 2026 operating earnings per share; down 17.0% year over year

Net combined ratio 95.4 % Q2 2026 net combined ratio vs 91.7% in Q2 2025

Return on average equity 23.5 % Q2 2026 return on average equity

Quarterly dividend per share $0.41 Regular quarterly cash dividend for Q2 2026; 5.1% above prior year quarter

Shares repurchased 184,093 shares Common shares repurchased in Q2 2026 at $30.58 average cost, totaling $5.6 million

Key Terms

Net combined ratio, Operating net income, Tax-equivalent yield, Average adjusted shareholders’ equity, +1 more

5 terms

Net combined ratio financial

"Insurance Ratios included a Net combined ratio of 95.4 % in Q2 2026."

Net combined ratio measures an insurance company's underwriting profitability by comparing claims paid and operating costs to earned premiums after accounting for reinsurance. A ratio below 100% means the insurer is making money on its insurance policies; above 100% means it is paying out more in claims and costs than it receives in premiums. Investors use it like a household budget check to see whether the core insurance business is sustainably profitable or dependent on investment income.

Operating net income financial

"Supplemental information reconciled net income to Operating net income of $8,254 thousand."

Tax-equivalent yield financial

"Investment results disclosed a Tax-equivalent yield (1) of 3.9 %."

Tax-equivalent yield is the pre-tax interest rate a taxable investment must offer to match the after-tax return of a tax-exempt investment. Think of it like comparing take-home pay: one paycheck is tax-free and another is larger before taxes, and you calculate how big the taxed paycheck must be to end up with the same net amount. Investors use it to fairly compare taxable and tax-exempt bonds when deciding where their money will earn more after taxes.

Average adjusted shareholders’ equity financial

"Non-GAAP measures referenced Average adjusted shareholders’ equity of $253,117 thousand."

Rule 10b5-1 regulatory

"Share repurchases may be effected under trading plans meeting Rule 10b5-1 requirements."

Rule 10b5-1 is a regulation that allows company insiders to buy or sell their shares at predetermined times, even if they have access to non-public information. It acts like setting a schedule in advance for transactions, helping prevent accusations of unfair trading. This rule provides a way for insiders to plan trades transparently, giving investors confidence that these transactions are not based on hidden information.

Earnings Snapshot

Net premiums earned (Q2 2026): $77,273 thousand

second quarter ended June 30, 2026

Net premiums earned (Q2 2026) $77,273 thousand up 11.4% vs Q2 2025

Net income (Q2 2026) $14,595 thousand up 4.6% vs Q2 2025

Diluted EPS (Q2 2026) $0.78 up 6.8% vs Q2 2025

Net combined ratio (Q2 2026) 95.4 % from 91.7% in Q2 2025

AI-generated analysis. How Rhea-AI works. Not financial advice.

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FAQ

How did AMERISAFE (AMSF) perform financially in Q2 2026?

AMERISAFE reported Q2 2026 net income of $14,595 thousand and diluted EPS of $0.78, up 4.6% and 6.8% year over year. Net premiums earned rose 11.4% to $77,273 thousand, reflecting continued premium growth in its workers’ compensation business.

How did AMERISAFE (AMSF) underwriting profitability and combined ratio change?

Underwriting results softened, with underwriting profit at $3,562 thousand versus $5,736 thousand a year earlier. The net combined ratio increased to 95.4% in Q2 2026 from 91.7%, as loss and loss adjustment expenses and underwriting costs grew faster than premiums.

What were AMERISAFE (AMSF) non-GAAP operating results in Q2 2026?

AMERISAFE’s operating net income was $8,254 thousand in Q2 2026, down 17.9% year over year, with operating EPS of $0.44 versus $0.53. Operating metrics exclude realized and unrealized investment gains and losses and related tax effects, as reconciled in the supplemental information.

What capital management actions did AMERISAFE (AMSF) take in Q2 2026?

AMERISAFE paid a regular quarterly dividend of $0.41 per share, 5.1% higher than the prior year’s quarter, and repurchased 184,093 shares for $5.6 million. The company had $7.3 million remaining under its share repurchase authorization at June 30, 2026.

What was AMERISAFE (AMSF) book value per share and ROE in Q2 2026?

Book value per share was $13.49 at June 30, 2026, up 0.7% from $13.39 at December 31, 2025. Return on average equity was 23.5% for Q2 2026 and 18.1% for the first six months of 2026, supported by solid net income.

Did AMERISAFE (AMSF) provide conference call details for its Q2 2026 results?

Yes. AMERISAFE scheduled a conference call for July 22, 2026 at 10:30 a.m. Eastern Time. Participants can dial 786-297-8744 using conference code 9523038, or listen via webcast on the company’s Investor Relations website with a replay available afterward.

AMERISAFE INC false 0001018979 0001018979 2026-07-21 2026-07-21

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of report (Date of earliest event reported): July 21, 2026

AMERISAFE, INC.

(Exact Name of Registrant as Specified in Charter)

Texas		001-12251		75-2069407
(State or Other Jurisdiction of Incorporation)		(Commission File Number)		(IRS Employer Identification No.)

2301 Highway 190 West

DeRidder, Louisiana 70634

(Address of Principal Executive Offices) (Zip Code)

Registrant’s telephone number, including area code: (337) 463-9052

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the Registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

Securities registered or to be registered pursuant to Section 12(b) of the Act.

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock, par value $0.01 per share		AMSF		Nasdaq Stock Market LLC

Item 2.02. Results of Operations and Financial Condition.

On July 21, 2026, AMERISAFE, Inc. (the “Company”) issued a press release announcing its financial results for the second quarter ended June 30, 2026. A copy of the Company’s press release is attached as Exhibit 99.1 to this Current Report on Form 8-K.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

Exhibit No.		Description
99.1		Press Release of AMERISAFE, Inc. dated July 21, 2026 (Financial Results)
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

AMERISAFE, INC.
By:		/s/ Guillermo A. Ramos
Guillermo A. Ramos, Executive Vice President and Chief Financial Officer

Date: July 21, 2026

Exhibit 99.1

    Guillermo A. Ramos EVP & CFO AMERISAFE 337.463.9052

AMERISAFE ANNOUNCES 2026 SECOND QUARTER RESULTS

Reports 11.4% Growth in Net Premiums Earned

DeRidder, LA – July 21, 2026 – AMERISAFE, Inc. (Nasdaq: AMSF), a specialty provider of workers’ compensation insurance focused on high-hazard industries, today announced results for the second quarter ended June 30, 2026.

		Three Months Ended												Six Months Ended
		June 30,												June 30,
		2026				2025				% Change				2026				2025				% Change
		(in thousands, except per share data)												(in thousands, except per share data)
Gross premiums written		$	85,968			$	79,704				7.9	%		$	174,468			$	163,488				6.7	%
Net premiums earned			77,273				69,381				11.4	%			152,345				138,266				10.2	%
Net investment income			6,528				6,691				-2.4	%			13,125				13,343				-1.6	%
Net realized (losses) gains on investments (pre-tax)			(87	)			3,116				NM				(90	)			3,118				NM
Net unrealized gains (losses) on equity securities (pre-tax)			8,113				1,829				NM				6,460				(1,323	)			NM
Net income			14,595				13,955				4.6	%			22,740				22,904				-0.7	%
Diluted earnings per share		$	0.78			$	0.73				6.8	%		$	1.21			$	1.20				0.8	%
Operating net income			8,254				10,048				-17.9	%			17,708				21,486				-17.6	%
Operating earnings per share		$	0.44			$	0.53				-17.0	%		$	0.94			$	1.12				-16.1	%
Book value per share		$	13.49			$	13.96				-3.4	%		$	13.49			$	13.96				-3.4	%
Net combined ratio			95.4	%			91.7	%							94.3	%			90.5	%
Return on average equity			23.5	%			21.2	%							18.1	%			17.5	%

G. Janelle Frost, President and Chief Executive Officer, commented, “Our second quarter results reflect the strength of AMERISAFE’s disciplined approach to profitable growth. We achieved our ninth consecutive quarter of top-line growth while continuing to generate attractive returns for shareholders, with return on average equity of 23.5% for the quarter and 18.1% through the first six months of 2026. In a highly competitive market, we remain focused on underwriting discipline, appropriate pricing, and disciplined capital management—principles that have consistently supported profitability, balance sheet strength, and long-term value creation.”

INSURANCE RESULTS

		Three Months Ended												Six Months Ended
		June 30,												June 30,
		2026				2025				% Change				2026				2025				% Change
		(in thousands)												(in thousands)
Gross premiums written		$	85,968			$	79,704				7.9	%		$	174,468			$	163,488				6.7	%
Net premiums earned			77,273				69,381				11.4	%			152,345				138,266				10.2	%
Loss and loss adjustment expenses incurred			48,341				40,660				18.9	%			94,781				80,819				17.3	%
Underwriting and certain other operating costs, commissions, salaries and benefits			24,603				21,746				13.1	%			46,872				42,345				10.7	%
Policyholder dividends			767				1,239				-38.1	%			1,996				1,873				6.6	%
Underwriting profit (pre-tax)		$	3,562			$	5,736				-37.9	%		$	8,696			$	13,229				-34.3	%
Insurance Ratios:
Current accident year loss ratio			72.0	%			71.0	%							72.0	%			71.0	%
Prior accident year loss ratio			-9.4	%			-12.4	%							-9.8	%			-12.5	%
Net loss ratio			62.6	%			58.6	%							62.2	%			58.5	%
Net underwriting expense ratio			31.8	%			31.3	%							30.8	%			30.6	%
Net dividend ratio			1.0	%			1.8	%							1.3	%			1.4	%
Net combined ratio			95.4	%			91.7	%							94.3	%			90.5	%

• Voluntary premiums on policies written in the quarter increased 5.7%, compared to the second quarter of 2025, driven by strong policy and premium retention within our renewal book.

• Payroll audits and related premium adjustments contributed $4.1 million to premiums written in the quarter, compared to $1.5 million in the second quarter of 2025.

• Loss and loss adjustment expenses benefited from $7.3 million of favorable case reserve development on accident years 2023 and prior, resulting in a net loss ratio of 62.6%, compared to favorable prior accident year development of $8.6 million and a net loss ratio of 58.6% in the second quarter of 2025.

• Underwriting expense ratio was 31.8% for the quarter, compared with 31.3% in the second quarter of 2025. The increase was primarily attributable to higher prior-period write-offs, which we do not expect to recur.

• Our effective tax rate for the quarter was 20.1%, unchanged from the second quarter of 2025.

2

INVESTMENT RESULTS

		Three Months Ended												Six Months Ended
		June 30,												June 30,
		2026				2025				% Change				2026				2025				% Change
		(in thousands)												(in thousands)
Net investment income		$	6,528			$	6,691				-2.4	%		$	13,125			$	13,343				-1.6	%
Net realized (losses) gains on investments (pre-tax)			(87	)			3,116				NM				(90	)			3,118				NM
Net unrealized gains (losses) on equity securities (pre-tax)			8,113				1,829				NM				6,460				(1,323	)			NM
Pre-tax investment yield			3.4	%			3.3	%							3.3	%			3.3	%
Tax-equivalent yield (1)			3.9	%			3.9	%							3.9	%			3.9	%

⁽¹⁾  The tax equivalent yield is calculated using the effective interest rate and the appropriate marginal tax rate.

• Net investment income decreased 2.4% to $6.5 million for the quarter, driven by lower average investable assets compared to the prior-year period, primarily due to capital returned to shareholders through dividends and share repurchases, which reduced cash and invested asset balances during the period, partially offset by a higher book yield and disciplined expense management.

• Net unrealized gains on equity securities were $8.1 million for the quarter, driven by stronger U.S. equity markets, compared to lower valuations experienced during the prior-year quarter.

• As of June 30, 2026, the carrying value of AMERISAFE’s investment portfolio, including cash and cash equivalents, was $770.7 million.

CAPITAL MANAGEMENT

During the second quarter of 2026, the Company paid a regular quarterly cash dividend of $0.41 per share on June 19, 2026, representing a 5.1% increase compared to the second quarter of 2025. On July 21, 2026, the Board of Directors of AMERISAFE declared a quarterly cash dividend of $0.41 per share, payable on September 25, 2026, to shareholders of record as of September 11, 2026.

Also during the quarter, the Company repurchased 184,093 shares of its common stock under the Company’s share repurchase program at an average cost of $30.58 per share, including commissions and excise tax, for a total of $5.6 million. Since the inception of its share repurchase program in 2010, the Company has repurchased 2,278,192 shares at an average cost of $28.01 per share, including commissions and excise tax, for a total of $63.8 million. The remaining outstanding share repurchase authorization under the program as of June 30, 2026, was $7.3 million.

Book value per share at June 30, 2026, was $13.49, an increase of 0.7% from $13.39 at December 31, 2025.

3

SUPPLEMENTAL INFORMATION

		Three Months Ended								Six Months Ended
		June 30,								June 30,
		2026				2025				2026				2025
		(in thousands, except share and per share data)
Net income		$	14,595			$	13,955				22,740			$	22,904
Less:
Net realized (losses) gains on investments			(87	)			3,116				(90	)			3,118
Net unrealized gains (losses) on equity securities (pre-tax)			8,113				1,829				6,460				(1,323	)
Tax effect (1)			(1,685	)			(1,038	)			(1,338	)			(377	)
Operating net income (2)		$	8,254			$	10,048				17,708			$	21,486
Average shareholders’ equity (3)		$	248,294			$	263,192			$	250,795			$	261,456
Less:
Average accumulated other comprehensive loss			(4,823	)			(7,415	)			(3,599	)			(8,218	)
Average adjusted shareholders’ equity (2)		$	253,117			$	270,607			$	254,394			$	269,674
Diluted weighted average common shares			18,702,282				19,119,600				18,795,904				19,120,530
Return on average equity (4)			23.5	%			21.2	%			18.1	%			17.5	%
Operating return on average adjusted equity (2)			13.0	%			14.9	%			13.9	%			15.9	%
Diluted earnings per share		$	0.78			$	0.73			$	1.21			$	1.20
Operating earnings per share (2)		$	0.44			$	0.53			$	0.94			$	1.12

⁽¹⁾  The tax effect of net realized gains (losses) on investments and net unrealized gains (losses) on equity securities is calculated with an effective tax rate of 21%.

⁽²⁾  Operating net income, average adjusted shareholders’ equity, operating return on average adjusted equity and operating earnings per share are non-GAAP financial measures. Management believes that investors’ understanding of core operating performance is enhanced by AMERISAFE’s disclosure of these financial measures.

⁽³⁾  Average shareholders’ equity is calculated by taking the average of the beginning and ending shareholders’ equity for the applicable period.

⁽⁴⁾  Return on average equity is calculated by dividing the annualized net income by the average shareholders’ equity.

4

NON-GAAP FINANCIAL MEASURES

This release contains non-GAAP financial measures within the meaning of Regulation G promulgated by the U.S. Securities and Exchange Commission (the SEC) and includes a reconciliation of non-GAAP financial measures to the most directly comparable financial measures calculated in accordance with GAAP in the Supplemental Information in this release.

Management believes that investors’ understanding of core operating performance is enhanced by AMERISAFE’s disclosure of these standard industry financial measures, which include operating net income, average adjusted shareholders’ equity, operating return on average adjusted equity, and operating earnings per share.

CONFERENCE CALL INFORMATION

AMERISAFE has scheduled a conference call for July 22, 2026, at 10:30 a.m. Eastern Time to discuss the results for the quarter. To participate in the conference call, dial 786-297-8744 (Conference Code: 9523038) at least ten minutes before the call begins.

Investors, analysts, and the general public will also have the opportunity to listen to the conference call over the Internet by visiting the “Investor Relations Home” page of the “Investors” section of the Company’s website (http://www.amerisafe.com). To listen to the live call on the web, please visit the website at least fifteen minutes before the call begins to register, download, and install any necessary audio software. For those who cannot listen to the live webcast, an archive will be available shortly after the call at the same website location.

ABOUT AMERISAFE

AMERISAFE, Inc. is a specialty provider of workers’ compensation insurance focused on small to mid-sized employers engaged in hazardous industries, principally construction, trucking, logging and lumber, agriculture, services, manufacturing, and maritime. AMERISAFE actively markets workers’ compensation insurance in 27 states.

5

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

Statements made in this press release that are not historical facts, including statements accompanied by words such as “will,” “believe,” “anticipate,” “expect,” “estimate,” or similar words, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 regarding AMERISAFE’s plans, expectations and performance. These statements are based on management’s estimates, assumptions and projections as of the date of this release and are not guarantees of future performance, and include statements regarding management’s current views and expectations of the workers’ compensation insurance market, AMERISAFE’s growth opportunities, underwriting margins and actions by competitors. Investors are cautioned that many of the assumptions upon which these forward-looking statements are based might change after the date the forward-looking statements are made. Actual results may differ materially from the results expressed or implied in the forward-looking statements if the underlying assumptions prove to be incorrect or changes otherwise occur, or as the results of the materialization of risks, uncertainties and other factors impacting the business and operations of the Company, our policyholders or the market value of our investment portfolio. Factors that may affect our results are set forth in the Company’s filings with the SEC, including AMERISAFE’s Annual Report on Form 10-K and as may be further amended by subsequent filings with the SEC. AMERISAFE cautions you not to place undue reliance on the forward-looking statements contained in this release. AMERISAFE does not undertake any obligation to update or revise any forward-looking statements, which speak only as of the date made, notwithstanding any changes in its assumptions, changes in business plans, actual experience or other changes that arise after the date of this release.

Share repurchases may be effected from time to time pursuant to trading plans meeting the requirements of Rule 10b5-1 under the Exchange Act. The share repurchase program does not obligate the Company to repurchase any shares of the Company’s common stock and may be modified, increased, suspended or terminated at the discretion of the Board. The Board’s determination will depend on a variety of factors, including but not limited to, market conditions and applicable regulatory considerations. It is anticipated that any future repurchases will be funded from available capital.

- Tables to Follow -

6

AMERISAFE, INC. AND SUBSIDIARIES

Consolidated Statements of Income

(in thousands, except per share amounts)

		Three Months Ended								Six Months Ended
		June 30,								June 30,
		2026				2025				2026				2025
		(unaudited)								(unaudited)
Revenues:
Gross premiums written		$	85,968			$	79,704			$	174,468			$	163,488
Ceded premiums written			(4,216	)			(4,185	)			(8,285	)			(8,364	)
Net premiums written		$	81,752			$	75,519			$	166,183			$	155,124
Net premiums earned		$	77,273			$	69,381			$	152,345			$	138,266
Net investment income			6,528				6,691				13,125				13,343
Net realized (losses) gains on investments			(87	)			3,116				(90	)			3,118
Net unrealized gains (losses) on equity securities			8,113				1,829				6,460				(1,323	)
Fee and other income			144				71				221				281
Total revenues			91,971				81,088				172,061				153,685
Expenses:
Loss and loss adjustment expenses incurred			48,341				40,660				94,781				80,819
Underwriting and other operating costs			24,603				21,746				46,872				42,345
Policyholder dividends			767				1,239				1,996				1,873
Provision for investment related credit loss benefit			(5	)			(12	)			(13	)			(28	)
Total expenses			73,706				63,633				143,636				125,009
Income before taxes			18,265				17,455				28,425				28,676
Income tax expense			3,670				3,500				5,685				5,772
Net income		$	14,595			$	13,955			$	22,740			$	22,904
Basic EPS:
Net income		$	14,595			$	13,955			$	22,740			$	22,904
Basic weighted average common shares			18,579,890				19,038,360				18,669,214				19,037,339
Basic earnings per share		$	0.79			$	0.73			$	1.22			$	1.20
Diluted EPS:
Net income		$	14,595			$	13,955			$	22,740			$	22,904
Diluted weighted average common shares:
Weighted average common shares			18,579,890				19,038,360				18,669,214				19,037,339
Restricted stock and RSUs			122,392				81,240				126,690				83,191
Diluted weighted average common shares			18,702,282				19,119,600				18,795,904				19,120,530
Diluted earnings per share		$	0.78			$	0.73			$	1.21			$	1.20

7

AMERISAFE, INC. AND SUBSIDIARIES

Consolidated Balance Sheets

(in thousands)

		June 30,				December 31,
		2026				2025
		(unaudited)
Assets
Investments		$	705,187			$	734,855
Cash and cash equivalents			65,476				61,926
Amounts recoverable from reinsurers			105,659				108,098
Premiums receivable, net			183,135				160,944
Deferred income taxes			17,264				17,572
Deferred policy acquisition costs			22,618				21,085
Other assets			27,952				26,064
		$	1,127,291			$	1,130,544
Liabilities and Shareholders’ Equity
Liabilities:
Reserves for loss and loss adjustment expenses		$	594,090			$	613,583
Unearned premiums			149,341				135,503
Insurance-related assessments			18,293				15,979
Other liabilities			115,576				113,881
Shareholders’ equity			249,991				251,598
Total liabilities and shareholders’ equity		$	1,127,291			$	1,130,544

# # #

8

Filing Exhibits & Attachments

4 documents

Press Releases

• EX-99.1 EX-99.1 158.2 KB

Other Documents

• EX-101 XBRL TAXONOMY EXTENSION SCHEMA 3.1 KB
• EX-101 XBRL TAXONOMY EXTENSION LABEL LINKBASE 16.8 KB
• EX-101 XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE 10.6 KB