AMERISAFE, Inc. reported a solid financial performance for the fiscal year ending December 31, 2025, with gross premiums written reaching $313.9 million, a 6.7% increase from $294.1 million in 2024. The company's net premiums earned also rose by 4.6% to $283.1 million, compared to $270.6 million in the previous year. However, net income decreased to $47.1 million, down from $55.4 million in 2024, reflecting a net income margin of 16.6%. The decline in profitability was attributed to an increase in loss and loss adjustment expenses, which totaled $169.9 million, an 8.1% rise from the prior year.
The company experienced favorable development in its loss reserves, recording a reduction of $33.9 million in prior accident year reserves, compared to $34.9 million in 2024. This favorable development was primarily due to lower-than-expected severity of injuries across prior accident years. The net loss ratio for 2025 was reported at 60.0%, an increase from 58.1% in 2024, indicating a rise in claims costs relative to earned premiums. The underwriting expense ratio also increased to 30.4% from 29.6% in the previous year, reflecting higher operational costs.
Strategically, AMERISAFE continues to focus on small to mid-sized employers in hazardous industries, including construction and trucking. The company has expanded its market presence, with a 10.2% increase in its in-force policy count, contributing to the growth in gross premiums. As of December 31, 2025, AMERISAFE had over 10,200 voluntary business policyholders, with a policy renewal rate of 93.1%. The company is licensed to operate in 47 states, the District of Columbia, and the U.S. Virgin Islands, with 53.6% of its voluntary in-force premiums generated from six key states.
Looking ahead, AMERISAFE aims to maintain its underwriting profitability while increasing market penetration in existing states. The company plans to leverage its specialized underwriting expertise and proactive claims management practices to enhance its competitive position. The board of directors has declared a quarterly cash dividend of $0.41 per share, reflecting the company's commitment to returning value to shareholders. The outlook remains cautiously optimistic, with management emphasizing the importance of maintaining capital strength and effective risk management strategies in a competitive and cyclical insurance market.
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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