AMERISAFE Reports 10.3% Revenue Growth but Decline in Net Income for Q1 2026

AMERISAFE, Inc. reported its financial results for the first quarter of 2026, revealing a total revenue of $80.1 million, a 10.3% increase from $72.6 million in the same period of 2025. The growth was primarily driven by a rise in net premiums earned, which reached $75.1 million, up from $68.9 million a year earlier. However, net income for the quarter decreased to $8.1 million, or $0.43 per diluted share, compared to $8.9 million, or $0.47 per diluted share, in the prior year. The decline in profitability was attributed to increased loss and loss adjustment expenses, which rose by 15.6% to $46.4 million.

The company experienced a 5.6% increase in gross premiums written, totaling $88.5 million, compared to $83.8 million in the first quarter of 2025. This increase was largely due to a $6.3 million rise in voluntary premiums, although it was partially offset by a decrease in premiums from payroll audits. The net combined ratio for the quarter was reported at 93.2%, indicating a slight deterioration from 89.1% in the previous year, reflecting the impact of higher claims costs.

In terms of operational metrics, AMERISAFE's total assets decreased to $1.1 billion as of March 31, 2026, down from $1.13 billion at the end of 2025. The company’s investment portfolio, including cash and cash equivalents, was valued at $773.6 million, a decrease of 2.9% from the previous quarter. The number of open claims increased to 4,141, up from 3,840 a year earlier, correlating with the growth in in-force policies. The company also repurchased 119,959 shares of its common stock during the quarter for $4.0 million, as part of its ongoing share repurchase program.

Looking ahead, AMERISAFE remains focused on its strategy of providing workers' compensation insurance to small and mid-sized employers in hazardous industries. The company is actively marketing its services in 27 states and is licensed in an additional 20 states, the District of Columbia, and the U.S. Virgin Islands. Management anticipates that the ongoing focus on safety and proactive claims management will continue to support its underwriting performance, despite the challenges posed by increased competition and market conditions. The company has also declared a quarterly cash dividend of $0.41 per share, payable in June 2026, reflecting its commitment to returning value to shareholders.