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.
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.
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