AMERISAFE Q3 2026 net income falls 47.9% to $7.2M
AMERISAFE's first nine months showed 7.7% growth in net premiums earned alongside an 18.5% decline in net income.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Filing Summary
AMERISAFE, Inc. reported third-quarter 2026 net income of $7.196 million, down 47.9% from $13.818 million a year earlier, and diluted earnings per share of $0.39 versus $0.72. Net premiums earned increased 3.0% to $73.321 million. Underwriting profit was $2.505 million, down 62.6%, while the net combined ratio was 96.5%, compared with 90.6%.
For the first nine months of 2026, net premiums earned were $225.666 million, up 7.7% from $209.462 million, while net income was $29.936 million, down 18.5% from $36.722 million. Diluted earnings per share were $1.60, compared with $1.92. Management cited market competition, softer audit premium, and higher expenses in discussing third-quarter results, along with favorable prior-year loss reserve development and improved new business activity late in the quarter.
AMERISAFE paid a $0.41 quarterly dividend on September 25, 2026, a 5.1% increase compared with the third quarter of 2025, and declared a $0.41 dividend payable December 11, 2026, to shareholders of record December 4, 2026. It repurchased 5,450 shares at an average cost of $30.18 per share for a total of $0.2 million.
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Positive
- Moderate pointNine-month net premiums earned rose 7.7% to $225.666 million.
- Minor pointQuarterly dividend rose 5.1% to $0.41 per share.
Negative
- Moderate pointThird-quarter net income fell 47.9% to $7.196 million.
- Moderate pointThird-quarter underwriting profit fell 62.6% to $2.505 million.
Filing Explained
At
8-K Event Classification
Key Figures
Key Terms
Net combined ratio financial
Prior accident year loss ratio financial
Tax-equivalent yield financial
Operating return on average adjusted equity financial
Earnings Snapshot
FAQ
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What were AMSF's third-quarter 2026 earnings?
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of report (Date of earliest event reported):
(Exact Name of Registrant as Specified in Charter)
| (State or Other Jurisdiction of Incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) |
(Address of Principal Executive Offices) (Zip Code)
Registrant’s telephone number, including area code:
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 |
Name of each exchange | ||
| Item 2.02. | Results of Operations and Financial Condition. |
On October 28, 2026, AMERISAFE, Inc. (the “Company”) issued a press release announcing its financial results for the third quarter ended September 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 October 28, 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: October 28, 2026
Exhibit 99.1
|
Guillermo A. Ramos EVP & CFO AMERISAFE 337.463.9052 |
AMERISAFE ANNOUNCES 2026 THIRD QUARTER RESULTS
Reports 3.0% Growth in Net Premiums Earned
DeRidder, LA – October 28, 2026 – AMERISAFE, Inc. (Nasdaq: AMSF), a specialty provider of workers’ compensation insurance focused on high-hazard industries, today announced results for the third quarter ended September 30, 2026.
| Three Months Ended September 30, |
Nine Months Ended September 30, |
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| 2026 | 2025 | % Change | 2026 | 2025 | % Change | |||||||||||||||||||
| (in thousands, except per share data) |
(in thousands, except per share data) |
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| Gross premiums written |
$ | 76,673 | $ | 80,321 | -4.5 | % | $ | 251,141 | $ | 243,809 | 3.0 | % | ||||||||||||
| Net premiums earned |
73,321 | 71,196 | 3.0 | % | 225,666 | 209,462 | 7.7 | % | ||||||||||||||||
| Net investment income |
6,605 | 6,566 | 0.6 | % | 19,730 | 19,909 | -0.9 | % | ||||||||||||||||
| Net realized (losses) gains on investments (pre-tax) |
(54 | ) | — | NM | (144 | ) | 3,118 | NM | ||||||||||||||||
| Net unrealized (losses) gains on equity securities (pre-tax) |
(193 | ) | 4,117 | NM | 6,267 | 2,794 | NM | |||||||||||||||||
| Net income |
7,196 | 13,818 | -47.9 | % | 29,936 | 36,722 | -18.5 | % | ||||||||||||||||
| Diluted earnings per share |
$ | 0.39 | $ | 0.72 | -45.8 | % | $ | 1.60 | $ | 1.92 | -16.7 | % | ||||||||||||
| Operating net income |
7,391 | 10,566 | -30.0 | % | 25,099 | 32,052 | -21.7 | % | ||||||||||||||||
| Operating earnings per share |
$ | 0.40 | $ | 0.55 | -27.3 | % | $ | 1.34 | $ | 1.68 | -20.2 | % | ||||||||||||
| Book value per share |
$ | 12.80 | $ | 14.47 | -11.5 | % | $ | 12.80 | $ | 14.47 | -11.5 | % | ||||||||||||
| Net combined ratio |
96.5 | % | 90.6 | % | 95.0 | % | 90.5 | % | ||||||||||||||||
| Return on average equity |
11.8 | % | 20.5 | % | 16.3 | % | 18.4 | % | ||||||||||||||||
G. Janelle Frost, President and Chief Executive Officer, commented, “Third-quarter results reflected an increasingly competitive workers’ compensation market, softer audit premium, and higher expenses that weighed on our net combined ratio. At the same time, we maintained disciplined pricing, delivered favorable prior-year loss reserve development and saw encouraging improvement in new business activity late in the quarter. As we move forward, we remain focused on sustaining that momentum, while continuing to apply the underwriting discipline, proactive claims management and specialized safety expertise that underpin AMERISAFE’s long-term value.”
INSURANCE RESULTS
| Three Months Ended September 30, |
Nine Months Ended September 30, |
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| 2026 | 2025 | % Change | 2026 | 2025 | % Change | |||||||||||||||||||
| (in thousands) | (in thousands) | |||||||||||||||||||||||
| Gross premiums written |
$ | 76,673 | $ | 80,321 | -4.5 | % | $ | 251,141 | $ | 243,809 | 3.0 | % | ||||||||||||
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| Net premiums earned |
73,321 | 71,196 | 3.0 | % | 225,666 | 209,462 | 7.7 | % | ||||||||||||||||
| Loss and loss adjustment expenses incurred |
45,913 | 41,679 | 10.2 | % | 140,694 | 122,498 | 14.9 | % | ||||||||||||||||
| Underwriting and certain other operating costs, commissions, salaries and benefits |
23,849 | 22,112 | 7.9 | % | 70,721 | 64,457 | 9.7 | % | ||||||||||||||||
| Policyholder dividends |
1,054 | 712 | 48.0 | % | 3,050 | 2,585 | 18.0 | % | ||||||||||||||||
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| Underwriting profit (pre-tax) |
$ | 2,505 | $ | 6,693 | -62.6 | % | $ | 11,201 | $ | 19,922 | -43.8 | % | ||||||||||||
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| Insurance Ratios: |
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| Current accident year loss ratio |
72.0 | % | 71.0 | % | 72.0 | % | 71.0 | % | ||||||||||||||||
| Prior accident year loss ratio |
-9.4 | % | -12.5 | % | -9.7 | % | -12.5 | % | ||||||||||||||||
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| Net loss ratio |
62.6 | % | 58.5 | % | 62.3 | % | 58.5 | % | ||||||||||||||||
| Net underwriting expense ratio |
32.5 | % | 31.1 | % | 31.3 | % | 30.8 | % | ||||||||||||||||
| Net dividend ratio |
1.4 | % | 1.0 | % | 1.4 | % | 1.2 | % | ||||||||||||||||
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| Net combined ratio |
96.5 | % | 90.6 | % | 95.0 | % | 90.5 | % | ||||||||||||||||
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| • | Voluntary premiums on policies written in the quarter increased 0.8%, compared to the third quarter of 2025, driven by strong renewal pricing and continued policy count growth. |
| • | Payroll audits remained additive to premiums written during the quarter; however, policy cancellations and other related premium adjustments more than offset that contribution. As a result, payroll audits and related premium adjustments decreased premiums written by $1.6 million in the third quarter of 2026, compared with an increase of $2.5 million in the same period in 2025. |
| • | Loss and loss adjustment expenses benefited from $6.9 million of favorable case reserve development, primarily on accident years 2023 and prior, resulting in a net loss ratio of 62.6%, compared to favorable prior accident year development of $8.9 million and a net loss ratio of 58.5% in the third quarter of 2025. |
| • | Underwriting expense ratio was 32.5% for the quarter, compared with 31.1% in the third quarter of 2025. The increase was primarily attributable to increased insurance-related assessments, higher compensation costs, and higher commission expense. |
| • | Our effective tax rate for the quarter was 20.0%, compared with 21.0% in the third quarter of 2025. The decrease was primarily due to a higher proportion of income from tax-exempt investments. |
|
2 |
INVESTMENT RESULTS
| Three Months Ended September 30, |
Nine Months Ended September 30, |
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| 2026 | 2025 | % Change | 2026 | 2025 | % Change | |||||||||||||||||||
| (in thousands) | (in thousands) | |||||||||||||||||||||||
| Net investment income |
$ | 6,605 | $ | 6,566 | 0.6 | % | $ | 19,730 | $ | 19,909 | -0.9 | % | ||||||||||||
| Net realized (losses) gains on investments (pre-tax) |
(54 | ) | — | NM | (144 | ) | 3,118 | NM | ||||||||||||||||
| Net unrealized (losses) gains on equity securities (pre-tax) |
(193 | ) | 4,117 | NM | 6,267 | 2,794 | NM | |||||||||||||||||
| Pre-tax investment yield |
3.5 | % | 3.2 | % | 3.4 | % | 3.2 | % | ||||||||||||||||
| Tax-equivalent yield (1) |
4.0 | % | 3.9 | % | 4.0 | % | 3.9 | % | ||||||||||||||||
| (1) | The tax equivalent yield is calculated using the effective interest rate and the appropriate marginal tax rate. |
| • | Net investment income increased 0.6% to $6.6 million for the quarter, driven by an improved portfolio book yield and disciplined expense management. These benefits were partially offset by lower average investable assets compared to the prior-year period, primarily due to capital returned to shareholders through dividends and share repurchases. |
| • | Net unrealized losses on equity securities were $0.2 million in the third quarter of 2026, compared with $4.1 million of net unrealized gains on equity securities in the third quarter of 2025. |
| • | As of September 30, 2026, the carrying value of AMERISAFE’s investment portfolio, including cash and cash equivalents, was $753.3 million. |
CAPITAL MANAGEMENT
During the third quarter of 2026, the Company paid a regular quarterly cash dividend of $0.41 per share on September 25, 2026, representing a 5.1% increase compared to the third quarter of 2025. On October 27, 2026, the Board of Directors of AMERISAFE declared a quarterly cash dividend of $0.41 per share, payable on December 11, 2026, to shareholders of record as of December 4, 2026.
Also during the quarter, the Company repurchased 5,450 shares of its common stock under the Company’s share repurchase program at an average cost of $30.18 per share, including commissions and excise tax, for a total of $0.2 million. Since the inception of its share repurchase program in 2010, the Company has repurchased 2,283,642 shares at an average cost of $28.01 per share, including commissions and excise tax, for a total of $64.0 million. The remaining outstanding share repurchase authorization under the program as of September 30, 2026, was $7.1 million.
Book value per share at September 30, 2026, was $12.80, a decrease of 4.4% from $13.39 at December 31, 2025.
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3 |
SUPPLEMENTAL INFORMATION
| Three Months Ended September 30, |
Nine Months Ended September 30, |
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| 2026 | 2025 | 2026 | 2025 | |||||||||||||
| (in thousands, except share and per share data) | ||||||||||||||||
| Net income |
$ | 7,196 | $ | 13,818 | 29,936 | $ | 36,722 | |||||||||
| Less: |
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| Net realized (losses) gains on investments |
(54 | ) | — | (144 | ) | 3,118 | ||||||||||
| Net unrealized (losses) gains on equity securities (pre-tax) |
(193 | ) | 4,117 | 6,267 | 2,794 | |||||||||||
| Tax effect (1) |
52 | (865 | ) | (1,286 | ) | (1,242 | ) | |||||||||
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| Operating net income (2) |
$ | 7,391 | $ | 10,566 | 25,099 | $ | 32,052 | |||||||||
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| Average shareholders’ equity (3) |
$ | 243,622 | $ | 270,172 | $ | 244,426 | $ | 266,057 | ||||||||
| Less: |
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| Average accumulated other comprehensive loss |
(10,235 | ) | (5,619 | ) | (9,853 | ) | (6,276 | ) | ||||||||
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| Average adjusted shareholders’ equity (2) |
$ | 253,857 | $ | 275,791 | $ | 254,279 | $ | 272,333 | ||||||||
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| Diluted weighted average common shares |
18,639,943 | 19,072,061 | 18,760,320 | 19,106,556 | ||||||||||||
| Return on average equity (4) |
11.8 | % | 20.5 | % | 16.3 | % | 18.4 | % | ||||||||
| Operating return on average adjusted equity (2) |
11.6 | % | 15.3 | % | 13.2 | % | 15.7 | % | ||||||||
| Diluted earnings per share |
$ | 0.39 | $ | 0.72 | $ | 1.60 | $ | 1.92 | ||||||||
| Operating earnings per share (2) |
$ | 0.40 | $ | 0.55 | $ | 1.34 | $ | 1.68 | ||||||||
| (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. |
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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 October 29, 2026, at 10:00 a.m. Eastern Time to discuss the results for the quarter. To participate in the conference call, dial 786-297-8744 (Conference Code: 6500978) 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.
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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 -
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6 |
AMERISAFE, INC. AND SUBSIDIARIES
Consolidated Statements of Income
(in thousands, except per share amounts)
| Three Months Ended September 30, |
Nine Months Ended September 30, |
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| 2026 | 2025 | 2026 | 2025 | |||||||||||||
| (unaudited) | (unaudited) | |||||||||||||||
| Revenues: |
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| Gross premiums written |
$ | 76,673 | $ | 80,321 | $ | 251,141 | $ | 243,809 | ||||||||
| Ceded premiums written |
(3,956 | ) | (4,334 | ) | (12,241 | ) | (12,698 | ) | ||||||||
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| Net premiums written |
$ | 72,717 | $ | 75,987 | $ | 238,900 | $ | 231,111 | ||||||||
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| Net premiums earned |
$ | 73,321 | $ | 71,196 | $ | 225,666 | $ | 209,462 | ||||||||
| Net investment income |
6,605 | 6,566 | 19,730 | 19,909 | ||||||||||||
| Net realized (losses) gains on investments |
(54 | ) | — | (144 | ) | 3,118 | ||||||||||
| Net unrealized (losses) gains on equity securities |
(193 | ) | 4,117 | 6,267 | 2,794 | |||||||||||
| Fee and other income |
133 | 97 | 354 | 378 | ||||||||||||
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| Total revenues |
79,812 | 81,976 | 251,873 | 235,661 | ||||||||||||
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| Expenses: |
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| Loss and loss adjustment expenses incurred |
45,913 | 41,679 | 140,694 | 122,498 | ||||||||||||
| Underwriting and other operating costs |
23,849 | 22,112 | 70,721 | 64,457 | ||||||||||||
| Policyholder dividends |
1,054 | 712 | 3,050 | 2,585 | ||||||||||||
| Provision for investment related credit loss benefit |
(2 | ) | (8 | ) | (15 | ) | (36 | ) | ||||||||
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| Total expenses |
70,814 | 64,495 | 214,450 | 189,504 | ||||||||||||
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| Income before taxes |
8,998 | 17,481 | 37,423 | 46,157 | ||||||||||||
| Income tax expense |
1,802 | 3,663 | 7,487 | 9,435 | ||||||||||||
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| Net income |
$ | 7,196 | $ | 13,818 | $ | 29,936 | $ | 36,722 | ||||||||
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| Basic EPS: |
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| Net income |
$ | 7,196 | $ | 13,818 | $ | 29,936 | $ | 36,722 | ||||||||
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| Basic weighted average common shares |
18,516,539 | 18,980,807 | 18,617,768 | 19,018,293 | ||||||||||||
| Basic earnings per share |
$ | 0.39 | $ | 0.73 | $ | 1.61 | $ | 1.93 | ||||||||
| Diluted EPS: |
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| Net income |
$ | 7,196 | $ | 13,818 | $ | 29,936 | $ | 36,722 | ||||||||
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| Diluted weighted average common shares: |
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| Weighted average common shares |
18,516,539 | 18,980,807 | 18,617,768 | 19,018,293 | ||||||||||||
| Restricted stock and RSUs |
123,404 | 91,254 | 142,552 | 88,263 | ||||||||||||
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| Diluted weighted average common shares |
18,639,943 | 19,072,061 | 18,760,320 | 19,106,556 | ||||||||||||
| Diluted earnings per share |
$ | 0.39 | $ | 0.72 | $ | 1.60 | $ | 1.92 | ||||||||
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7 |
AMERISAFE, INC. AND SUBSIDIARIES
Consolidated Balance Sheets
(in thousands)
| September 30, 2026 |
December 31, 2025 |
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| (unaudited) | ||||||||
| Assets |
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| Investments |
$ | 713,587 | $ | 734,855 | ||||
| Cash and cash equivalents |
39,678 | 61,926 | ||||||
| Amounts recoverable from reinsurers |
108,180 | 108,098 | ||||||
| Premiums receivable, net |
178,665 | 160,944 | ||||||
| Deferred income taxes |
19,843 | 17,572 | ||||||
| Deferred policy acquisition costs |
22,383 | 21,085 | ||||||
| Other assets |
27,701 | 26,064 | ||||||
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| $ 1,110,037 | $1,130,544 | |||||||
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|
|||||
| Liabilities and Shareholders’ Equity |
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| Liabilities: |
||||||||
| Reserves for loss and loss adjustment expenses |
$ | 586,089 | $ | 613,583 | ||||
| Unearned premiums |
148,737 | 135,503 | ||||||
| Insurance-related assessments |
18,699 | 15,979 | ||||||
| Other liabilities |
119,259 | 113,881 | ||||||
| Shareholders’ equity |
237,253 | 251,598 | ||||||
|
|
|
|
|
|||||
| Total liabilities and shareholders’ equity |
$ | 1,110,037 | $ | 1,130,544 | ||||
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|
|
|
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# # #
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8 |