AMERISAFE, Inc. reported its financial results for the first quarter of 2025, revealing a net income of $8.9 million, or $0.47 per diluted share, a significant decrease from the $16.9 million, or $0.88 per diluted share, recorded in the same period last year. Total revenues for the quarter were $72.6 million, down from $80.5 million in the first quarter of 2024. The decline in revenue was primarily attributed to a decrease in net investment income, which fell to $6.7 million from $7.4 million year-over-year, alongside a drop in net realized gains on investments.
The company experienced a 4.6% increase in gross premiums written, totaling $83.8 million compared to $80.1 million in the prior year. Net premiums written also rose by 4.5% to $79.6 million, driven by an increase in voluntary policy premiums. However, net premiums earned saw a modest increase of 0.6%, reaching $68.9 million. The net combined ratio for the quarter was reported at 89.1%, up from 87.3% in the previous year, indicating a slight deterioration in underwriting performance.
Operationally, AMERISAFE's total assets decreased marginally to $1.16 billion as of March 31, 2025, from $1.16 billion at the end of 2024. The company maintained a strong capital position with shareholders' equity rising to $260.8 million, up from $257.3 million at the end of the previous fiscal year. The number of shares outstanding remained stable at approximately 19 million. The company continues to focus on its core business of providing workers' compensation insurance to small and mid-sized employers in hazardous industries, with operations spanning 27 states and additional licensing in 20 states and territories.
Looking ahead, AMERISAFE's management expressed cautious optimism regarding future performance, citing ongoing efforts to enhance underwriting practices and claims management. The company anticipates that its disciplined approach to underwriting and proactive safety reviews will continue to support its financial stability. However, management acknowledged potential challenges, including market competition and economic conditions that could impact premium rates and claims frequency. The company plans to maintain its focus on strategic growth while managing operational costs effectively.
About AMERISAFE INC
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