AMERISAFE, Inc. reported its financial results for the third quarter and the first nine months of 2025, showing a modest increase in revenue but a decline in net income compared to the previous year. For the three months ended September 30, 2025, the company generated total revenues of $81.976 million, up from $78.695 million in the same period of 2024, marking a 2.9% increase. However, net income decreased to $13.818 million, or $0.72 per diluted share, compared to $14.324 million, or $0.75 per diluted share, in the prior year. For the nine months ended September 30, 2025, total revenues were $235.661 million, slightly up from $235.014 million, while net income fell to $36.722 million from $42.242 million.
The company experienced a 7.2% increase in gross premiums written for the third quarter, totaling $80.321 million, driven primarily by a rise in voluntary premiums. Net premiums written also rose by 7.0% to $75.987 million. However, net investment income declined by 12.3% to $6.566 million, attributed to lower average invested asset balances. The net combined ratio for the quarter was 90.6%, indicating stable underwriting performance, while the return on average equity improved to 20.5% from 18.6% in the previous year.
Operationally, AMERISAFE reported a favorable development in loss reserves, with a reduction of $26.2 million in loss and loss adjustment expenses for the first nine months of 2025, compared to $25.2 million in the same period of 2024. The company noted that the number of open claims at the end of September 2025 was 3,919, slightly up from 3,908 a year earlier. The company continues to focus on its core market of workers' compensation insurance for small to mid-sized employers in hazardous industries, which remains a key driver of its business strategy.
Looking ahead, AMERISAFE remains cautious about market conditions and the cyclical nature of the workers' compensation insurance industry. The company is actively managing its investment portfolio and has reauthorized a share repurchase program with a limit of $25 million. The Board of Directors also declared a special cash dividend of $1.00 per share, alongside a regular cash dividend of $0.39 per share, reflecting the company's commitment to returning value to shareholders while navigating the challenges of the current economic environment.
About AMERISAFE INC
Amerisafe, Inc. is a Texas-based specialty insurer focused on providing workers' compensation insurance to small and mid-sized employers in hazardous industries such as construction, trucking, and agriculture. With a disciplined underwriting approach and comprehensive safety services, the company aims to reduce workplace injuries and claims costs. Amerisafe targets a fragmented market with significant growth potential, leveraging technology to enhance risk assessment and claims management.
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