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Sep 30, 2023
Amerisafe Q3 2023 Earnings Report
Announced third quarter results with a return on equity of 11.8%.
Key Takeaways
AMERISAFE reported a decrease in net premiums earned by 1.7% and a decrease in net income by 12.3% for the third quarter of 2023. However, net investment income increased by 16.1%. The company maintained a strong operating ROAE of 13.2% and a combined ratio of 90.6%.
Voluntary premiums on policies written increased 1.1% due to policy count growth.
Payroll audits increased premiums written by $5.6 million compared to $3.4 million in the third quarter of 2022.
The company experienced favorable net loss reserve development for prior accident years, reducing loss and loss adjustment expenses by $10.2 million.
Net investment income increased 16.1% to $8.1 million due to higher yields on cash and fixed-income securities.
Forward Guidance
AMERISAFE has scheduled a conference call for October 26, 2023, at 10:30 AM Eastern Time to discuss the results for the quarter and comment on future periods.
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