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Mar 31, 2021
Amerisafe Q1 2021 Earnings Report
Amerisafe's first quarter of 2021 resulted in a net combined ratio of 84.6%.
Key Takeaways
AMERISAFE reported a strong first quarter in 2021, with a net income of $19.312 million and a net combined ratio of 84.6%. The company benefited from disciplined underwriting, competitive pricing, slight policy growth, and favorable case loss development from prior accident years.
Net income increased by 78.8% to $19.312 million compared to Q1 2020.
Diluted earnings per share increased by 76.8% to $0.99 compared to Q1 2020.
The net combined ratio was 84.6%, compared to 83.5% in the first quarter of 2020.
Book value per share increased to $23.16, a 2.3% increase year-over-year.
Forward Guidance
The company did not provide specific financial guidance in the press release. However, they expressed optimism about the potential for vaccination rollout to strengthen the economy and add normalcy to daily living.
Positive Outlook
- Optimistic about the potential for vaccination rollout to strengthen the economy.
- Expect vaccination rollout to bring some normalcy back to daily living.
- Company reported an 84.6% combined ratio in the quarter.
- Disciplined underwriting contributed to the positive results.
- Favorable case loss development from prior accident years contributed to the positive results.
Challenges Ahead
- The soft market continued in the quarter.
- Competition remained robust.
- Loss costs continued to decline.
- Net investment income decreased 15.0% due to lower investment yields on fixed-income securities.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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