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Sep 30, 2024
Amerisafe Q3 2024 Earnings Report
Announced third quarter results for 2024, demonstrating premium growth and strong renewal retention amidst a declining rate environment.
Key Takeaways
AMERISAFE reported a strong third quarter in 2024, with net income increasing by 43.8% to $14.32 million and diluted earnings per share rising by 44.2% to $0.75. The company maintained premium growth momentum and strong renewal retention despite a declining rate environment. The net combined ratio was 90.9%, compared to 90.6% for the same period last year.
Net income increased 43.8% to $14.32 million compared to Q3 2023.
Diluted earnings per share increased 44.2% to $0.75 compared to Q3 2023.
Voluntary premiums on policies written in the quarter were 8.8% higher than in the third quarter of 2023, primarily due to an increase in new business and strong retention.
The loss ratio for the third quarter was 58.4%, compared to 55.8% in the third quarter of 2023.
Forward Guidance
AMERISAFE has scheduled a conference call for October 24, 2024, at 10:30 a.m. Eastern Time to discuss the results for the quarter and comment on future periods.
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