AMERISAFE sales beat estimates but EPS misses in Q2

AMERISAFE reported quarterly sales of $91.971 million, beating the analyst consensus estimate of $83.150 million by 10.61%. This represents a 13.42% increase over sales of $81.088 million in the same period last year. However, the company reported quarterly earnings of $0.44 per share, missing the analyst consensus estimate of $0.52 by 15.38%. This is a 16.98% decrease over earnings of $0.53 per share from the prior year.

Net premiums earned for the second quarter ended June 30, 2026, were $77.3 million, an increase of 11.4% compared to the prior year. Net income for the quarter rose 4.6% to $14.6 million, and diluted earnings per share increased 6.8% to $0.78. The company achieved a return on average equity of 23.5% for the quarter.

Financial Results

Net premiums written for the quarter were $85.9 million, up 7.9% from $79.7 million in the second quarter of 2025. Net investment income decreased 2.4% to $6.5 million, driven by lower average investable assets. The net combined ratio for the quarter was 95.4%, compared to 91.7% in the prior year.

Metric	Three Months Ended June 30, 2026	Three Months Ended June 30, 2025	% Change
Gross premiums written	$85,968	$79,704	7.9%
Net premiums earned	$77,273	$69,381	11.4%
Net income	$14,595	$13,955	4.6%
Diluted earnings per share	$0.78	$0.73	6.8%
Net combined ratio	95.4%	91.7%	—
Return on average equity	23.5%	21.2%	—

Insurance Operations

Underwriting profit for the quarter was $3.6 million, a decrease of 37.9% from the prior year. The current accident year loss ratio was 72.0%, compared to 71.0% in the second quarter of 2025. Loss and loss adjustment expenses incurred were $48.3 million, an increase of 18.9% year-over-year.

Capital Management

During the second quarter of 2026, the company paid a regular quarterly cash dividend of $0.41 per share on June 19, 2026, representing a 5.1% increase compared to the second quarter of 2025. On July 21, 2026, the Board of Directors declared a quarterly cash dividend of $0.41 per share, payable on September 25, 2026, to shareholders of record as of September 11, 2026.

The company repurchased 184,093 shares of its common stock during the quarter at an average cost of $30.58 per share, totaling $5.6 million. Book value per share at June 30, 2026, was $13.49.

AMERISAFE, Inc. has been named to the Ward’s Top 50 property and casualty insurers list for the 18th consecutive year, placing it among the top-performing insurers in the nation. The 2026 ranking evaluates nearly 2,900 property and casualty insurers based on financial performance, safety, and consistency over a five-year period. This recognition underscores the company's sustained operational strength and underwriting discipline in the specialty insurance sector.

Janelle Frost, President and CEO, attributed the achievement to the company's focused approach and workforce dedication. She stated that the recognition reflects the strength of their underwriting discipline and commitment to excellence. Frost expressed gratitude to employees for their dedication to the company's mission, customers, and mutual success.

Ward’s Top 50 Benchmark

The Ward’s Top 50 benchmark is a recognized industry standard that assesses insurance companies on several key metrics over a five-year period. The evaluation focuses on financial performance, safety, and consistency to identify the top-performing property and casualty insurers in the United States.

Metric	Description
Evaluation Period	Five years
Total Insurers Evaluated	Nearly 2,900
Selection Criteria	Financial performance, safety, consistency

About AMERISAFE

AMERISAFE, Inc. is a specialty provider of workers’ compensation insurance focused on small to mid-sized employers engaged in hazardous industries. The company actively markets its products in 27 states, targeting sectors such as construction, trucking, logging and lumber, agriculture, services, manufacturing, and maritime.