Core Insights - AMERISAFE, Inc. (AMSF) reported second-quarter adjusted earnings per share of 53 cents, missing the Zacks Consensus Estimate by 3.6% and reflecting an 8.6% year-over-year decline [1][8] - Operating revenues reached $76.1 million, showing a slight year-over-year increase but falling short of the consensus mark by 1.5% [1][8] Financial Performance - Net premiums earned increased by 1.1% year over year to $69.4 million, but were below the Zacks Consensus Estimate of $70.5 million, supported by strong retention rates and new business growth [3] - Net investment income dropped 10.2% year over year to $6.7 million due to reduced investable assets, although it exceeded the consensus estimate of $6.6 million [3] - Pre-tax underwriting profit was reported at $5.7 million, down 12.2% year over year [4] - Total expenses rose by 2.5% year over year to $63.6 million, driven by higher loss and loss adjustment expenses [4][8] - Operating net income decreased by 9.7% year over year to $10 million [4] Ratios and Metrics - The net combined ratio was 91.7%, worsening by 120 basis points year over year and exceeding the consensus estimate of 90.5% [5] - Return on average equity improved by 660 basis points year over year to 21.2% [6] Capital Management - AMERISAFE repurchased 62.8 thousand common shares for $2.8 million in the second quarter and reauthorized a $25 million share repurchase program [7] Dividend Announcement - A quarterly cash dividend of 39 cents per share was announced, scheduled for payment on September 26, 2025, to shareholders of record as of September 12 [9]

Amerisafe (AMSF) came out with quarterly earnings of $0.53 per share, missing the Zacks Consensus Estimate of $0.55 per share. This compares to earnings of $0.58 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -3.64%. A quarter ago, it was expected that this insurance provider would post earnings of $0.59 per share when it actually produced earnings of $0.6, delivering a surprise of +1.69%.Over the last four quarters, the comp ...

Exhibit 99.1 NEWS RELEASE | | Three Months Ended | | | | | | Six Months Ended | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | June 30, | | | | | June 30, | | | | | | 2025 | | | 2024 | % Change | 2025 | | 2024 | % Change | | | (in thousands, except per share data) | | | | | | (in thousands, except per share data) | | | | Gross premiums written | $ | 79,704 | $ | 76,428 | 4.3% $ | 163,488 | $ | 156,502 | 4.5% | | Net premiums earned | | 69,381 | | 68,633 | 1.1% | 138,266 | | 137,079 | ...

Core Insights - Special dividends are one-time cash payouts that can significantly enhance yield for investors, often overlooked by mainstream financial websites [1][2] - Companies like Pilgrim's Pride and Amerisafe exemplify special dividend payers, with yields that can double or triple the regular dividend [2][11] - Business Development Companies (BDCs) are notable for their regular special dividends, providing attractive yields [13] Group 1: Special Dividend Overview - Special dividends can yield significantly higher returns than stated yields, with some stocks showing yields as high as 13.8% when including special distributions [1][3] - A special dividend is often a result of extraordinary profits or cash influxes, such as asset sales [1][2] Group 2: Company Examples - Pilgrim's Pride (PPC) recently paid a special dividend of $6.30 per share, resulting in a yield of 12.7% [2] - Buckle (BKE) has a stated dividend yield of 3.2%, but the actual yield with specials is 9.0%, showcasing its strategy of modest regular dividends supplemented by larger special dividends [4][6] - Amerisafe (AMSF) has a stated yield of 3.3%, but with special dividends, the yield rises to 9.7%, reflecting its approach to managing dividends amid profit fluctuations [9][11] Group 3: Business Development Companies (BDCs) - Gladstone Investment Corp. (GAIN) has a stated yield of 6.4%, but with specials, the yield increases to 14.3%, highlighting its unique investment strategy [14][18] - Nuveen Churchill Direct Lending Corp. (NCDL) offers a stated yield of 11.3%, which rises to 13.8% with special dividends, indicating strong financial backing and investment strategy [19][21] - Barings BDC (BBDC) has a stated yield of 11.3% and an actual yield of 12.9% with specials, reflecting its recovery and strategic investment approach [24][28]

Core Viewpoint - Amerisafe's shares have underperformed the S&P 500, losing approximately 0.1% since the last earnings report, raising questions about future performance leading up to the next earnings release [1]. Earnings Estimates - Analysts have not made any earnings estimate revisions in the last two months, indicating a period of stability in expectations [2]. VGM Scores - Amerisafe has a subpar Growth Score of D and a Momentum Score of C, with an overall aggregate VGM Score of D, placing it in the bottom 40% for the value investment strategy [3]. Outlook - The company holds a Zacks Rank of 3 (Hold), suggesting an expectation of an in-line return from the stock in the upcoming months [4].

Core Viewpoint - AMERISAFE, Inc. (AMSF) experienced a 5.5% decline in share price following the release of its first-quarter 2025 results, primarily due to decreased net investment income, weaker underwriting results, and elevated expenses impacting margins, although strong retention rates and new business growth provided some offset [1] Financial Performance - AMSF reported adjusted earnings per share of 60 cents, exceeding the Zacks Consensus Estimate by 1.7%, but reflecting a 13% year-over-year decline [2] - Operating revenues remained flat at $76 million year-over-year, falling short of the consensus estimate by 1.4% [2] - Net premiums earned increased by 0.6% year-over-year to $68.9 million, but were below the Zacks Consensus Estimate of $69.8 million, supported by strong retention rates and new business growth [3] - Net investment income decreased by 9.7% year-over-year to $6.7 million, missing the consensus mark of $6.9 million, attributed to reduced investable assets from a special dividend paid in the prior quarter [3] - Fee and other income surged by 70.7% year-over-year [3] - Pre-tax underwriting profit fell by 13.7% year-over-year to $7.5 million [4] - Total expenses rose by 2.7% year-over-year to $61.4 million, driven by higher loss and loss adjustment expenses and increased underwriting and operating costs [4] - Operating net income decreased by 14.2% year-over-year to $11.4 million [4] Ratios and Metrics - The net combined ratio was 89.1%, worsening by 180 basis points year-over-year but better than the consensus estimate of 91% [5] - Return on average equity declined by 900 basis points year-over-year to 13.8% [6] Capital Deployment - Management announced a quarterly cash dividend of 39 cents per share, scheduled for payment on June 20, 2025, to shareholders of record as of June 13 [7] Industry Comparison - Other insurers such as Arch Capital Group, RLI Corp., and Kinsale Capital Group reported better-than-expected bottom-line results in the same quarter [9]

Financial Performance - Gross premiums written increased to $83,784,000 in Q1 2025, up from $80,074,000 in Q1 2024, representing a growth of 3%[15] - Net premiums written rose to $79,605,000 in Q1 2025, compared to $76,148,000 in Q1 2024, reflecting an increase of 6%[15] - Net income for Q1 2025 was $8,949,000, a decrease of 47% from $16,925,000 in Q1 2024[15] - Total revenues decreased to $72,597,000 in Q1 2025, down from $80,489,000 in Q1 2024, a decline of 10%[15] - Comprehensive income for Q1 2025 was $10,555,000, down from $15,379,000 in Q1 2024, a decrease of 31%[18] - Basic earnings per share (EPS) for Q1 2025 was $0.47, down from $0.89 in Q1 2024, reflecting a 47.2% decline[39] - Diluted EPS for Q1 2025 was $0.47, compared to $0.88 in Q1 2024, indicating a 46.6% decrease[39] - Net investment income decreased by 9.7% to $6.7 million in Q1 2025 from $7.4 million in Q1 2024[103] - The net combined ratio for Q1 2025 was 89.1%, compared to 87.3% in Q1 2024[98] - Return on average equity decreased to 13.8% in Q1 2025 from 22.8% in Q1 2024[98] - Book value per share decreased to $13.69 in Q1 2025 from $15.74 in Q1 2024[98] Cash Flow and Dividends - Cash dividends declared per common share increased to $0.39 in Q1 2025 from $0.37 in Q1 2024, a rise of 5.4%[15] - Net cash provided by operating activities was $(1.792) million for Q1 2025, a significant decline from $7.506 million in Q1 2024[1] - Net cash used in operating activities was $1.8 million in Q1 2025, a decrease of $9.3 million from $7.5 million in Q1 2024[110] - The company paid dividends to shareholders totaling $7.424 million in Q1 2025, compared to $7.075 million in Q1 2024, reflecting a 4.9% increase[1] - The Board declared a regular cash dividend of $0.39 per share on April 29, 2025, payable on June 20, 2025[90] Assets and Liabilities - Total assets as of March 31, 2025, were $1,156,717,000, slightly down from $1,157,791,000 as of December 31, 2024[13] - Total liabilities decreased to $895,904,000 as of March 31, 2025, from $900,450,000 as of December 31, 2024, a reduction of 0.6%[13] - Shareholders' equity increased to $260,813,000 as of March 31, 2025, compared to $257,341,000 as of December 31, 2024, an increase of 1%[13] Claims and Reserves - The net balance for unpaid loss and loss adjustment expenses at the end of March 31, 2025, was $529.464 million, down from $550.580 million at the end of March 31, 2024[60] - The total incurred losses for the current accident year as of March 31, 2025, were $48.908 million, compared to $48.597 million for the same period in 2024[60] - The company recorded favorable prior accident year development of $8.7 million in Q1 2025, compared to $8.6 million in Q1 2024[117] - The total net development for the accident year was $8.7 million for 2025, compared to $8.6 million for 2024[118] - Claims reported during the three months ended March 31, 2025, were 906, slightly up from 900 in the same period of 2024[119] - Claims closed during the same period were 864, down from 1,091 in 2024, indicating a decrease in claim resolution speed[119] - The company does not intend to modify its assumptions for establishing reserves despite recent favorable results in certain accident years[120] - The reserves for loss and loss adjustment expenses may exhibit greater volatility due to the focus on higher severity, lower frequency claims[121] Investments - The carrying value of the investment portfolio was $825.8 million as of March 31, 2025, down 0.8% from $832.8 million at the end of 2024[113] - The total fair value of financial instruments was $370,202,000, with $69,623,000 classified as Level 1 inputs and $300,579,000 as Level 2 inputs[75] - The fair value of securities available-for-sale—fixed maturity totaled $314,726,000, consisting of $14,147,000 in U.S. Treasury securities and $300,579,000 in corporate bonds and other securities[75] - The total fair value of equity securities was $55,476,000 as of March 31, 2025[81] - The company reported a net unrealized gain on equity securities of $3.152 million in Q1 2025, contrasting with a net unrealized loss of $(4.776) million in Q1 2024[1] - The Company recognized $3.2 million of net unrealized losses on equity securities for the three months ended March 31, 2025, compared to $4.8 million of net unrealized gains for the same period in 2024[52] Operational Insights - The Company operates solely within the U.S. as a monoline insurance company, focusing on workers' compensation insurance for small to mid-sized employers[85] - The return on average equity and growth in book value per share are key financial measures used to evaluate performance[86] - There have been no material changes in the company's market risk profile since December 31, 2024[123] - The company continues to evaluate the effectiveness of its disclosure controls and procedures, concluding they were effective as of the end of the reporting period[124] - No changes in internal control over financial reporting have materially affected the company's controls during the reporting period[126]

AMERISAFE (AMSF) Q1 2025 Earnings Call April 30, 2025 10:30 AM ET Company Participants Kathryn Shirley - Executive VP, Chief Administrative Officer & SecretaryG. Janelle Frost - CEO, President & DirectorAnastasios Omiridis - Executive VP & CFOMatt Carletti - Managing Director Conference Call Participants Mark Hughes - Analyst Operator Day, and welcome to the Amerisafe First Quarter twenty twenty five Earnings Call. Today's conference is being recorded. At this time, I'd like to turn the conference over to C ...

Financial Data and Key Metrics Changes - For Q1 2025, the company reported net income of $8.9 million or $0.47 per diluted share, down from $16.9 million or $0.88 per diluted share in Q1 2024 [12] - Operating net income decreased to $11.4 million or $0.60 per diluted share from $13.3 million or $0.69 per diluted share year-over-year [12] - Gross written premiums increased by 4.6% to $83.8 million compared to $80.1 million in Q1 2024 [12] - Net premiums earned rose by 60 basis points to $68.9 million from $68.4 million in the prior year [13] - The expense ratio increased to 29.9% from 27.3% due to higher expenses related to business investments [13][14] Business Line Data and Key Metrics Changes - Premiums on policies written in the quarter grew by 7.1% compared to the prior year quarter [8] - Policy retention rate was strong at 93.1% in Q1 2025, contributing to policy count growth [9] - The company experienced $5 million from payroll audits and other premium adjustments, down from $6.4 million in the previous year [10] Market Data and Key Metrics Changes - The competitive environment remains strong, driven by declining workers' compensation rates and challenges in other property and casualty lines [6] - The company noted that economic conditions affecting payrolls could influence premium levels, with factors such as unemployment and wage inflation being monitored closely [7] Company Strategy and Development Direction - The company is focused on incremental growth within its existing geographic footprint and risk appetite, leveraging relationships with agents and policyholders [6] - The management emphasized the importance of proactive claims handling, which contributed to favorable case development [11] Management's Comments on Operating Environment and Future Outlook - Management expressed caution regarding economic uncertainties, including tariffs and inflation, but noted that niche industries have historically performed well during mild recessions [7] - The company expects favorable frequency trends to continue, with modest severity trends anticipated [11] Other Important Information - The investment portfolio is of high quality, with an average credit rating of double A minus and a duration of 4.48 years [15] - Book value per share was reported at $13.69, with a statutory surplus of $243.6 million, up 3.6% from the previous year [16] Q&A Session Summary Question: Audit premium impact on previous quarters - Management provided audit premium figures for the previous year: Q1 was $6.4 million, Q2 was $7.3 million, Q3 was $4 million, and Q4 was $2.5 million [22][24] Question: Impact of recent hurricanes on work activity - A slight increase in audit premiums was noted in rebuilding classifications in North Carolina and Georgia, but not significantly in Florida [26] Question: Potential tariff impacts on business - Management speculated that tariffs could impact medical costs, particularly in pharmacy and durable medical equipment, but the overall effect on premiums would depend on whether costs are passed through to customers [30][31] Question: Changes in competitive dynamics - No significant changes in competitive dynamics were reported in the first quarter [35][36] Question: Expense ratio and future expectations - The increase in the expense ratio was attributed to investments for growth, with expectations that costs will moderate throughout the year [37] Question: Trends in state loss costs - The trend of declining rates continues, with average decreases expected to be in the 6% to 8% range [39][40] Question: Medical inflation and physician care costs - Increases in physician care costs were noted, attributed to labor costs rather than tariffs [41][42] Question: Industry redundancy and loss costs - Management anticipated that overall redundancy in the industry should be declining, with concerns about confidence in more current accident years [45][46] Question: Wage inflation trends - Wage inflation indications are slightly above the national average, with a potential increase in employee count [48][49] Question: Large losses in the quarter - Only two large losses were reported, which is below trend [56]

Financial Data and Key Metrics Changes - For Q1 2025, Amerisafe reported net income of $8.9 million or $0.47 per diluted share, down from $16.9 million or $0.88 per diluted share in Q1 2024 [11] - Operating net income decreased to $11.4 million or $0.60 per diluted share from $13.3 million or $0.69 per diluted share year-over-year [11] - Gross written premiums increased by 4.6% to $83.8 million compared to $80.1 million in Q1 2024 [11] - Net premiums earned rose by 60 basis points to $68.9 million from $68.4 million in the prior year [12] - The expense ratio increased to 29.9% from 27.3% due to higher expenses related to business investments [12][13] Business Line Data and Key Metrics Changes - Premiums on policies written in the quarter grew by 7.1% over the prior year quarter, with a retention rate of 93.1% [7][8] - The company experienced $5 million from payroll audits and other premium adjustments, down from $6.4 million in the previous year [8] Market Data and Key Metrics Changes - The competitive environment remains strong, driven by declining workers' compensation rates and challenges in other property and casualty lines [5][6] - The company noted a favorable frequency trend in claims, with a current accident year loss ratio of 71, consistent with the prior year [8] Company Strategy and Development Direction - Amerisafe continues to focus on incremental growth within its existing geographic footprint and risk appetite, leveraging relationships with agents and policyholders [5] - The company is investing in business growth despite a competitive market, aiming to maintain profitability [12] Management Comments on Operating Environment and Future Outlook - Management expressed caution regarding economic uncertainties such as tariffs, inflation, and interest rates, which could impact payrolls and premiums [6] - The company anticipates favorable frequency trends to continue, with modest severity trends expected [9] Other Important Information - The investment portfolio is of high quality, with a tax-equivalent book yield of 3.85% and a strong capital position [14][15] - Book value per share was reported at $13.69, with a statutory surplus of $243.6 million, up 3.6% from the previous year [15] Q&A Session Summary Question: Audit premium impact on previous quarters - Management provided audit premium figures for the previous year: Q1 was $6.4 million, Q2 was $7.3 million, Q3 was $4 million, and Q4 was $2.5 million [22][24] Question: Impact of recent hurricanes on work activity - There was a slight increase in audit premiums for rebuilding classifications in North Carolina and Georgia, but not as much in Florida [26] Question: Potential tariff impacts on business - Tariffs could impact medical costs, particularly in pharmacy and durable medical equipment, which account for about 15% of medical costs in workers' compensation [29] Question: Changes in competitive dynamics - There has been no significant change in the competitive landscape during the first quarter [35] Question: Expense ratio and future expectations - The increase in the expense ratio was approximately $1.9 million, and costs are expected to moderate as the year progresses [37] Question: State loss cost updates - The trend remains a decline in rates, with average decreases between 6% to 8% across states [39] Question: Medical inflation trends - There are increases in physician care costs, likely due to labor costs rather than tariffs [41] Question: Large losses in the quarter - The company reported two large losses in the quarter, which is below trend [56]