AMERISAFE (NASDAQ: AMSF) 2025 earnings fall as dividend increases

Rhea-AI Filing Summary

AMERISAFE, Inc. reported mixed 2025 results, combining solid premium growth and strong profitability with lower earnings. Gross premiums written rose to $313.9M, up 6.7%, and net premiums earned increased 4.6% to $283.1M. However, full-year net income declined 15.0% to $47.1M, and diluted EPS fell to $2.47 from $2.89, reflecting higher loss severity and a higher net combined ratio of 91.3% versus 88.7% in 2024.

Despite this, AMERISAFE maintained an attractive return on average equity of 18.5% in 2025 and continued to return capital. The Board raised the regular quarterly dividend by 5.1%, from $0.39 to $0.41 per share, payable on March 20, 2026, and the company repurchased 291,289 shares during 2025 for $12.1M, leaving $16.9M under its authorization.

Insights

Insurance equity analyst

Premium growth and strong ROE offset by higher losses and lower earnings.

AMERISAFE delivered healthy top-line expansion in 2025, with gross premiums written up 6.7% and net premiums earned up 4.6%. The business remained profitable, posting a net combined ratio of 91.3% and return on average equity of 18.5%, solid for a workers’ compensation carrier.

Earnings, however, moved in the opposite direction. Net income fell 15.0% to $47.1M and operating net income declined 13.6%, driven largely by higher-than-anticipated loss severity that pushed the current accident year loss ratio to 72.0% and the net combined ratio above the prior year.

Capital management stayed shareholder-friendly. The company increased its regular quarterly dividend by 5.1% to $0.41 per share and repurchased $12.1M of stock in 2025, while ending the year with $16.9M of remaining repurchase authorization. Future filings may clarify whether loss trends stabilize after the fourth-quarter severity uptick.

AMERISAFE INC false 0001018979 0001018979 2026-02-25 2026-02-25

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): February 25, 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 February 25, 2026, AMERISAFE, Inc. (the “Company”) issued a press release announcing its financial results for the fourth quarter and full year ended December 31, 2025. A copy of the Company’s press release is attached as Exhibit 99.1 to this Current Report on Form 8-K.

On February 25, 2026, AMERISAFE, Inc. (the “Company”) issued a press release announcing a quarterly dividend of $0.41 per share. A copy of the Company’s press release is attached as Exhibit 99.2 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 February 25, 2026 (Financial Results)
99.2		Press Release of AMERISAFE, Inc. dated February 25, 2026 (Dividend)
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/ G. Janelle Frost
		G. Janelle Frost, President and Chief Executive Officer

Date: February 25, 2026

Exhibit 99.1

G. Janelle Frost President & CEO AMERISAFE 337.463.9052

AMERISAFE ANNOUNCES 2025 FOURTH QUARTER AND

YEAR-END RESULTS

Reports 10.2% Growth in Voluntary Premiums on Policies Written and

Return on Equity of 18.5% in 2025

DeRidder, LA – February 25, 2026 – 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, 2025.

		Three Months Ended December 31,												Twelve Months Ended December 31,
		2025				2024				% Change				2025				2024				% Change
		(in thousands, except per share data)												(in thousands, except per share data)
Gross premiums written		$	70,055			$	62,702				11.7	%		$	313,864			$	294,144				6.7	%
Net premiums earned			73,595				66,510				10.7	%			283,057				270,639				4.6	%
Net investment income			7,084				6,914				2.5	%			26,993				29,212				-7.6	%
Net realized gains (losses) on investments (pre-tax)			(84	)			(395	)			NM				3,034				(576	)			NM
Net unrealized gains on equity securities (pre-tax)			925				917				NM				3,719				9,508				NM
Net income			10,423				13,194				-21.0	%			47,145				55,436				-15.0	%
Diluted earnings per share		$	0.55			$	0.69				-20.3	%		$	2.47			$	2.89				-14.5	%
Operating net income			9,759				12,782				-23.7	%			41,810				48,380				-13.6	%
Operating earnings per share		$	0.51			$	0.67				-23.9	%		$	2.19			$	2.53				-13.4	%
Book value per share		$	13.39			$	13.51				-0.9	%		$	13.39			$	13.51				-0.9	%
Net combined ratio			93.6	%			86.1	%							91.3	%			88.7	%
Return on average equity			15.8	%			18.5	%							18.5	%			20.2	%

G. Janelle Frost, President and Chief Executive Officer, noted, “The AMERISAFE team has successfully grown premium over the last seven quarters, despite the headwinds of rate declines and heavy competition. Countering the growth, higher-than-anticipated loss severity emerged in the fourth quarter; as such, we increased our current accident year loss ratio to 72.0% from 71.0% estimated through the first three quarters of 2025. We maintained a strong annual combined ratio of 91.3% and return on average equity of 18.5%. Through both hard and soft markets, we remain squarely focused on profitable underwriting through excellent safety services, diligent risk selection, appropriate product pricing, and personalized claims management.”

INSURANCE RESULTS

		Three Months Ended December 31,												Twelve Months Ended December 31,
		2025				2024				% Change				2025				2024				% Change
		(in thousands)												(in thousands)
Gross premiums written		$	70,055			$	62,702				11.7	%		$	313,864			$	294,144				6.7	%
Net premiums earned			73,595				66,510				10.7	%			283,057				270,639				4.6	%
Loss and loss adjustment expenses incurred			47,439				37,502				26.5	%			169,937				157,267				8.1	%
Underwriting and certain other operating costs, commissions, salaries and benefits			21,524				19,750				9.0	%			85,981				80,129				7.3	%
Policyholder dividends			(59	)			23				NM				2,526				2,657				-4.9	%
Underwriting profit (pre-tax)		$	4,691			$	9,235				-49.2	%		$	24,613			$	30,586				-19.5	%
Insurance Ratios:
Current accident year loss ratio			74.9	%			71.0	%							72.0	%			71.0	%
Prior accident year loss ratio			-10.4	%			-14.6	%							-12.0	%			-12.9	%
Net loss ratio			64.5	%			56.4	%							60.0	%			58.1	%
Net underwriting expense ratio			29.2	%			29.7	%							30.4	%			29.6	%
Net dividend ratio			-0.1	%			0.0	%							0.9	%			1.0	%
Net combined ratio			93.6	%			86.1	%							91.3	%			88.7	%

• Voluntary premiums on policies written in the quarter were 10.5% higher than in the fourth quarter of 2024, primarily due to strong premium retention and consistent new business production. For the full year, voluntary premiums and policy count each increased by 10.2%.

• Payroll audits and related premium adjustments contributed $3.5 million to premiums written in the quarter, compared to $2.5 million in the fourth quarter of 2024. For the full year, audits and related premium adjustments contributed $12.6 million to premiums written, compared to $20.2 million in 2024.

• Loss and loss adjustment expenses were reduced by $7.6 million in the quarter due to favorable net loss reserve development on accident years 2023 and prior, resulting in a net loss ratio of 64.5%, compared to $9.7 million and 56.4%, respectively, in the fourth quarter of 2024. For the full year, the net loss ratio was 60.0%, compared to 58.1% in 2024, with favorable development on prior accident years of $33.9 million in 2025, compared to $34.9 million in 2024. The Company attributes its favorable reserve development for prior years to its proactive claims management. Lastly, in the fourth quarter, the Company increased the 2025 accident year loss ratio from 71% to 72%, largely due to the frequency of severity observed in accident year 2025, compared to prior accident years.

• Underwriting expense ratio for the quarter was 29.2%, compared to 29.7% in the fourth quarter of 2024, due to improved operating scale as controllable costs stabilize. For the full year, the underwriting expense ratio was 30.4%, compared to 29.6% in 2024, as the benefits of operating scale only began to be realized in the second half of 2025.

• Our effective tax rate for the full year was 19.9%, compared to 19.7% in the prior year.

2

INVESTMENT RESULTS

		Three Months Ended December 31,												Twelve Months Ended December 31,
		2025				2024				% Change				2025				2024				% Change
		(in thousands)												(in thousands)
Net investment income		$	7,084			$	6,914				2.5	%		$	26,993			$	29,212				-7.6	%
Net realized gains (losses) on investments (pre-tax)			(84	)			(395	)			NM				3,034				(576	)			NM
Net unrealized gains on equity securities (pre-tax)			925				917				NM				3,719				9,508				NM
Pre-tax investment yield			3.5	%			3.2	%							3.3	%			3.4	%
Tax-equivalent yield (1)			3.8	%			3.8	%							3.8	%			3.8	%

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

• Net investment income for the quarter increased 2.5% to $7.1 million due to improved overall book yield and lower expenses. For the full year, net investment income decreased 7.6% to $27.0 million, largely due to a decrease in average investable assets relative to 2024.

• Net realized gains on investments for the year were $3.0 million, primarily due to gains on equity securities.

• Net unrealized gains on equity securities were $0.9 million in the quarter. For the full year, net unrealized gains on equity securities were $3.7 million, reflecting continued favorable market returns across our diversified equity holdings.

• As of December 31, 2025, the carrying value of AMERISAFE’s investment portfolio, including cash and cash equivalents, was $796.8 million.

CAPITAL MANAGEMENT

In an accompanying announcement, the Board of Directors of AMERISAFE increased the regular quarterly cash dividend by 5.1%, from $0.39 per share to $0.41 per share, payable on March 20, 2026, to shareholders of record as of March 13, 2026.

3

During the fourth quarter of 2025, the Company repurchased 197,672 shares at an average cost of $40.27 per share (including commissions and excise tax), for a total of $8.0 million. For the full year, the Company repurchased 291,289 shares at an average cost of $41.54 per share (including commissions and excise tax), for a total of $12.1 million. Since the inception of our initial share repurchase program in February 2010, the Company has repurchased 1,974,140 shares at an average cost of $27.43 per share (including commissions and excise tax), for a total of $54.2 million. The remaining outstanding share repurchase authorization under the program as of December 31, 2025, was $16.9 million.

SUPPLEMENTAL INFORMATION

		Three Months Ended								Twelve Months Ended
		December 31,								December 31,
		2025				2024				2025				2024
		(in thousands, except share and per share data)
Net income		$	10,423			$	13,194				47,145			$	55,436
Less:
Net realized gains (losses) on investments			(84	)			(395	)			3,034				(576	)
Net unrealized gains on equity securities (pre-tax)			925				917				3,719				9,508
Tax effect (1)			(177	)			(110	)			(1,418	)			(1,876	)
Operating net income (2)		$	9,759			$	12,782				41,810			$	48,380
Average shareholders’ equity (3)		$	263,186			$	285,856			$	254,470			$	274,896
Less:
Average accumulated other comprehensive loss			(3,447	)			(5,775	)			(6,046	)			(8,035	)
Average adjusted shareholders’ equity (2)		$	266,633			$	291,631			$	260,516			$	282,931
Diluted weighted average common shares			18,967,428				19,116,519				19,082,142				19,159,805
Return on average equity (4)			15.8	%			18.5	%			18.5	%			20.2	%
Operating return on average adjusted equity (2)			14.6	%			17.5	%			16.0	%			17.1	%
Diluted earnings per share		$	0.55			$	0.69			$	2.47			$	2.89
Operating earnings per share (2)		$	0.51			$	0.67			$	2.19			$	2.53

(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 February 26, 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 5802903) 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								Twelve Months Ended
		December 31,								December 31,
		2025				2024				2025				2024
		(unaudited)								(unaudited)
Revenues:
Gross premiums written		$	70,055			$	62,702			$	313,864			$	294,144
Ceded premiums written			(4,532	)			(6,260	)			(17,230	)			(18,164	)
Net premiums written		$	65,523			$	56,442			$	296,634			$	275,980
Net premiums earned		$	73,595			$	66,510			$	283,057			$	270,639
Net investment income			7,084				6,914				26,993				29,212
Net realized gains (losses) on investments			(84	)			(395	)			3,034				(576	)
Net unrealized gains on equity securities			925				917				3,719				9,508
Fee and other income			71				83				449				260
Total revenues			81,591				74,029				317,252				309,043
Expenses:
Loss and loss adjustment expenses incurred			47,439				37,502				169,937				157,267
Underwriting and other operating costs			21,524				19,750				85,981				80,129
Policyholder dividends			(59	)			23				2,526				2,657
Provision for investment related credit loss benefit			(7	)			(20	)			(43	)			(66	)
Total expenses			68,897				57,255				258,401				239,987
Income before taxes			12,694				16,774				58,851				69,056
Income tax expense			2,271				3,580				11,706				13,620
Net income		$	10,423			$	13,194			$	47,145			$	55,436
Basic EPS:
Net income		$	10,423			$	13,194			$	47,145			$	55,436
Basic weighted average common shares			18,864,228				19,035,995				18,979,465				19,070,717
Basic earnings per share		$	0.55			$	0.69			$	2.48			$	2.91
Diluted EPS:
Net income		$	10,423			$	13,194			$	47,145			$	55,436
Diluted weighted average common shares:
Weighted average common shares			18,864,228				19,035,995				18,979,465				19,070,717
Restricted stock and RSUs			103,200				80,524				102,677				89,088
Diluted weighted average common shares			18,967,428				19,116,519				19,082,142				19,159,805
Diluted earnings per share		$	0.55			$	0.69			$	2.47			$	2.89

7

AMERISAFE, INC. AND SUBSIDIARIES

Consolidated Balance Sheets

(in thousands)

		December 31,				December 31,
		2025				2024
		(unaudited)
Assets
Investments		$	734,855			$	788,778
Cash and cash equivalents			61,926				44,045
Amounts recoverable from reinsurers			108,098				117,019
Premiums receivable, net			160,944				142,659
Deferred income taxes			17,572				19,448
Deferred policy acquisition costs			21,085				19,151
Other assets			26,064				26,691
		$	1,130,544			$	1,157,791
Liabilities and Shareholders’ Equity
Liabilities:
Reserves for loss and loss adjustment expenses		$	613,583			$	651,309
Unearned premiums			135,503				121,926
Insurance-related assessments			15,979				14,852
Other liabilities			113,881				112,363
Shareholders’ equity			251,598				257,341
Total liabilities and shareholders’ equity		$	1,130,544			$	1,157,791

# # #

8

Exhibit 99.2

G. Janelle Frost President & CEO AMERISAFE 337.463.9052

AMERISAFE INCREASES DIVIDEND BY 5.1%

Increases Quarterly Dividend from $0.39 to $0.41 Per Share

DeRidder, LA – February 25, 2026 – AMERISAFE, Inc. (Nasdaq: AMSF), a specialty provider of workers’ compensation insurance focused on high-hazard industries, today announced that its Board of Directors has increased the quarterly dividend by 5.1%, from $0.39 to $0.41 per share.

The Board of Directors declared a quarterly cash dividend of $0.41 per share, payable on March 20, 2026, to shareholders of record as of March 13, 2026.

The Company began paying dividends in 2013. Since that time, the Company has declared $50.34 in dividends per share, comprising $13.09 in regular dividends and $37.25 in special dividends.

Additional information on the Company’s fourth quarter and 2025 full year earnings can be found in AMERISAFE’s accompanying earnings release issued today.

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.

FAQ

How did AMERISAFE (AMSF) perform financially in 2025?

AMERISAFE reported 2025 net income of $47.1 million, down from $55.4 million in 2024. Diluted EPS fell to $2.47 from $2.89, while total revenues grew to $317.3 million, supported by higher gross and net premiums earned.

What were AMERISAFE’s key underwriting and combined ratio metrics for 2025?

AMERISAFE’s 2025 net combined ratio was 91.3%, compared with 88.7% in 2024. The net loss ratio rose to 60.0% and the net underwriting expense ratio to 30.4%, reflecting higher loss severity even as the company maintained underwriting profitability.

What dividend did AMERISAFE (AMSF) declare and when will it be paid?

The Board increased the regular quarterly dividend by 5.1% to $0.41 per share. It is payable on March 20, 2026 to shareholders of record as of March 13, 2026, continuing the company’s history of regular and special dividends.

How much stock did AMERISAFE repurchase in 2025?

In 2025, AMERISAFE repurchased 291,289 shares at an average cost of $41.54 per share, totaling $12.1 million. In the fourth quarter alone, it bought back 197,672 shares for $8.0 million, with $16.9 million remaining authorized at year-end.

What was AMERISAFE’s premium growth in 2025?

Gross premiums written increased to $313.9 million in 2025, a 6.7% rise from 2024. Net premiums earned grew 4.6% to $283.1 million, and the company highlighted 10.2% growth in voluntary premiums on policies written during the year.

What return on equity did AMERISAFE generate in 2025?

AMERISAFE achieved a return on average equity of 18.5% in 2025, compared with 20.2% in 2024. Operating return on average adjusted equity was 16.0%, reflecting solid profitability despite higher losses and lower net investment income versus the prior year.

How did AMERISAFE’s investment results change in 2025?

Net investment income declined to $27.0 million in 2025 from $29.2 million in 2024, while pre-tax investment yield was 3.3%. Including realized and unrealized gains, investments still contributed meaningfully to earnings despite year-over-year variability in market-related results.

Filing Exhibits & Attachments

5 documents

Press Releases

• EX-99.1 EX-99.1 158.2 KB
• EX-99.2 EX-99.2 3.7 KB

Other Documents

• EX-101 XBRL TAXONOMY EXTENSION SCHEMA 2.8 KB
• EX-101 XBRL TAXONOMY EXTENSION LABEL LINKBASE 16.8 KB
• EX-101 XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE 10.6 KB