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UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE FISCAL YEAR ENDED DECEMBER 31, 2025 or DeRidder, Louisiana 70634 Texas 75-2069407 (State of Incorporation) (I.R.S. Employer Identification Number) (Address of Principal Executive Offices) (Zip Code) Registrant's telephone number, including area code: (337) 463-9052 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES E ...

Key Takeaways AMSF Q4 EPS missed estimates, underwriting profit fell 49.2% despite 10.7% premium growth.AMERISAFE's total expenses jumped 20.3%, driving a 750-basis-point rise in the combined ratio.AMSF raised its dividend 5.1% and repurchased $12.1M in shares in 2025.AMERISAFE, Inc. (AMSF) reported fourth-quarter 2025 adjusted earnings per share of 51 cents, which missed the Zacks Consensus Estimate by 10.5%. The bottom line declined 23.9% year over year.Operating revenues increased 9.8% year over year to ...

Core Insights - AMERISAFE reported strong profitability and premium momentum in 2025 despite ongoing pricing pressures in the workers' compensation insurance market [5][6][25] Premium Growth and Retention - Renewal retention for policies offered renewal was 93.7% in the quarter, indicating strong performance amid competitive conditions [1] - Gross premium written (GPW) increased by 11.7% in Q4 2025 and 6.7% for the full year, marking the seventh consecutive quarter of GPW growth [3][6] - Voluntary premium, the largest component of GPW, rose by 10.5% in Q4 and 10.2% for the full year, with growth observed across states and classes [2][6] Financial Performance - The company achieved a return on equity of 18.5% and a combined ratio of 91.3% for the year [4][6] - Net income for Q4 was $10.4 million, or $0.55 per diluted share, while full-year net income totaled $47.1 million [18] - The expense ratio was reported at 29.2% for Q4 and 30.4% for the full year, with total underwriting and other expenses of $21.5 million [17] Claims and Loss Ratios - The accident-year loss ratio increased to 72% for the full year, attributed to higher severity and an increase in large claims [5][11] - The company reported 25 claims with incurred values over $1 million, up from 18 in the previous year, indicating a trend of increasing severity [12][13] Investment and Capital Position - AMERISAFE ended the year with approximately $797 million in cash and invested assets, maintaining a strong capital position [19][20] - The yield on new investments increased, resulting in a tax-equivalent yield of 3.83% for Q4 [19] Market Outlook and Competitive Landscape - Management noted steady competition and positive economic conditions in insured industries, with wage growth in the company's book exceeding the national average [22] - The company has reduced its contracted agency count by over a third while improving agency effectiveness, reflecting a sustainable growth strategy [23]

Financial Data and Key Metrics Changes - The company reported a strong return on equity (ROE) of 18.5% and a combined ratio of 91.3% for the fourth quarter of 2025, indicating solid performance in a competitive environment [4] - Net income for the fourth quarter was $10.4 million, or $0.55 per diluted share, while operating net income was $9.8 million, or $0.51 per diluted share [12] - For the full year, net income was $47.1 million, down from $55.4 million in 2024, and net operating income was $41.8 million, compared to $48.4 million in the previous year [12] Business Line Data and Key Metrics Changes - Gross premium written (GPW) grew by 11.7% in Q4 2025, compared to 3.9% growth in Q4 2024, marking the seventh consecutive quarter of top-line growth [5] - Voluntary premium, a key component of GPW, increased by 10.5% in the quarter and 10.2% for the full year, compared to 4.6% in 2024 [5] - The in-force policy count increased by 10.2% for the year, supported by strong renewal retention of 93.7% for the quarter [6][7] Market Data and Key Metrics Changes - Payroll growth in the company's classes of business was positive, with wage growth at 6.1% in Q4, contributing to premium growth [8] - The average rate of decline in filed rates is expected to remain in the negative mid-single-digit range based on 2026 filings to date [8] Company Strategy and Development Direction - The company focuses on specialized underwriting for niche industries and emphasizes safety services and personalized claims management to maintain consistent returns [4] - The growth strategy includes deepening relationships with targeted agents, which has led to increased new business opportunities despite steady competition [5] Management's Comments on Operating Environment and Future Outlook - Management noted that the company is in a prolonged soft market with 12 consecutive years of rate decline, making risk understanding and claims management essential for profitability [4] - The current accident year loss ratio increased to 72%, influenced by an uptick in claim severity and frequency [10][44] - Management expressed confidence in sustaining growth and underwriting profitability through expertise in risk management [81] Other Important Information - The investment portfolio's net investment income increased by 2.5% to $77.1 million in Q4, while it decreased by 7.6% to $27 million for the full year [12] - The company maintains a strong capital position with approximately $797 million in cash and invested assets at quarter-end [14] Q&A Session Summary Question: Inquiry about frequency and severity of claims - Management reported a 7.8% increase in reported claims in 2025, with frequency aligning with expectations [22] Question: Growth areas and success - Growth is broad-based across the book, with no significant shifts in industry classes or geographical distribution [28] Question: Favorable development in claims - Favorable development was attributed to claims closures and settlements, not related to frequency and severity issues [33][55] Question: Medical inflation and claims severity - Medical inflation remains a concern, particularly in home health and prosthetics, impacting claim costs [62] Question: Impact of undocumented workers on claims - No significant change in claims patterns due to undocumented workers has been observed [74]

AMERISAFE (NasdaqGS:AMSF) Q4 2025 Earnings call February 26, 2026 10:30 AM ET Company ParticipantsJanelle Frost - President and CEOKathryn Shirley - EVP, Chief Administrative Officer and SecretaryVincent J. Gagliano - EVP and Chief Risk OfficerConference Call ParticipantsMark Hughes - Director and Equity Research AnalystMatt Carletti - Managing Director and Equity Research AnalystRobert Farnam - Equity Research AnalystOperatorGood day. Welcome to AMERISAFE's Fourth Quarter 2025 earnings call. Today's confer ...

Financial Data and Key Metrics Changes - The company reported a strong return on equity (ROE) of 18.5% and a combined ratio of 91.3% for Q4 2025, indicating solid performance in a competitive environment [4] - Net income for Q4 2025 was $10.4 million, or $0.55 per diluted share, while operating net income was $9.8 million, or $0.51 per diluted share [11] - For the full year, net income was $47.1 million, down from $55.4 million in 2024, and net operating income was $41.8 million, compared to $48.4 million in 2024 [11] Business Line Data and Key Metrics Changes - Gross premium written (GPW) grew by 11.7% in Q4 2025, compared to 3.9% growth in Q4 2024, marking the seventh consecutive quarter of top-line growth [5] - Voluntary premium, a primary component of GPW, increased by 10.5% in Q4 and 10.2% for the full year, compared to 4.6% in 2024 [5] - The in-force policy count increased by 10.2% for the year, supported by strong renewal retention of 93.7% for the quarter [6] Market Data and Key Metrics Changes - Payroll growth in the company's classes of business was positive, with wage growth at 6.1% in Q4, contributing to premium growth [7] - The average rate of decline in filed rates is expected to be in the negative mid-single-digit range for 2026 [8] Company Strategy and Development Direction - The company focuses on specialized underwriting for niche industries and emphasizes safety services and personalized claims management to maintain underwriting profitability [4] - The growth strategy includes deepening relationships with targeted agents and enhancing operational efficiency, which has led to increased new business opportunities [5][6] Management's Comments on Operating Environment and Future Outlook - Management noted that the company is in a prolonged soft market with 12 consecutive years of rate decline, making risk understanding and claims management essential for profitability [4] - The company anticipates continued pressure on loss ratios due to increased claim severity and frequency, with a current accident year loss ratio of 72% [9][40] Other Important Information - The investment portfolio's net investment income increased by 2.5% to $77.1 million in Q4, while it decreased by 7.6% to $27 million for the full year [11][12] - The company maintains a strong capital position with approximately $797 million in cash and invested assets [13] Q&A Session Summary Question: Observations on frequency and severity of claims - Management reported a 7.8% increase in reported claims in 2025, with frequency consistent with expectations [17][20] Question: Insights on growth areas - Growth is broad-based across the book, with no significant shifts in industry classes or geographical distribution [25][28] Question: Favorable development in claims - Favorable development was attributed to claims closures and settlements, not related to frequency and severity issues [31][53] Question: Medical inflation observations - Medical inflation remains a concern, particularly in home health and prosthetics, with no signs of easing [61][62] Question: Impact of undocumented workers on claims - No significant changes in claims patterns due to undocumented workers have been observed [73][74]

分组1 - Amerisafe reported quarterly earnings of $0.51 per share, missing the Zacks Consensus Estimate of $0.57 per share, and down from $0.67 per share a year ago, representing an earnings surprise of -10.53% [1] - The company posted revenues of $80.75 million for the quarter ended December 2025, surpassing the Zacks Consensus Estimate by 0.55%, compared to year-ago revenues of $73.51 million [2] - Over the last four quarters, Amerisafe has surpassed consensus EPS estimates just once and topped consensus revenue estimates only once [2] 分组2 - The stock has lost about 3% since the beginning of the year, while the S&P 500 has gained 0.7% [3] - The current consensus EPS estimate for the coming quarter is $0.54 on revenues of $80.14 million, and for the current fiscal year, it is $2.13 on revenues of $330.12 million [7] - The Zacks Industry Rank for Insurance - Accident and Health is currently in the top 27% of over 250 Zacks industries, indicating a favorable outlook for the industry [8]

Premiums and Revenue Growth - AMERISAFE reported a 10.2% growth in voluntary premiums on policies written for the full year 2025, with a total of $313.864 million compared to $294.144 million in 2024[4]. - Gross premiums written for Q4 2025 reached $70,055,000, an increase from $62,702,000 in Q4 2024, representing a growth of 21.5%[27]. - Net premiums earned for the twelve months ended December 31, 2025, were $283,057,000, compared to $270,639,000 for the same period in 2024, reflecting a year-over-year increase of 4.5%[27]. - Total revenues for the twelve months ended December 31, 2025, were $317,252,000, up from $309,043,000 in 2024, marking a growth of 2.3%[27]. Profitability and Earnings - The company achieved a return on equity of 18.5% for the year, down from 20.2% in 2024[3]. - Net income for the fourth quarter of 2025 was $10.423 million, a decrease of 21.0% from $13.194 million in the same quarter of 2024[4]. - Basic earnings per share (EPS) for the twelve months ended December 31, 2025, was $2.48, compared to $2.91 in 2024, a decline of 14.7%[27]. - The underwriting profit for the fourth quarter was $4.691 million, a decrease of 49.2% from $9.235 million in the same quarter of 2024[4]. Expenses and Loss Ratios - Total expenses for the twelve months ended December 31, 2025, increased to $258,401,000 from $239,987,000 in 2024, representing an increase of 7.7%[27]. - The net combined ratio for the full year was 91.3%, compared to 88.7% in 2024, indicating a decline in underwriting performance[4]. - The current accident year loss ratio increased to 72.0% from 71.0% due to higher-than-anticipated loss severity in the fourth quarter[3]. - Reserves for loss and loss adjustment expenses decreased to $613,583,000 in 2025 from $651,309,000 in 2024, a reduction of 5.8%[29]. Investments and Cash Flow - Net investment income for the fourth quarter increased by 2.5% to $7.084 million, while it decreased by 7.6% for the full year to $26.993 million[8]. - Investments as of December 31, 2025, totaled $734,855,000, down from $788,778,000 in 2024, a decrease of 6.8%[29]. - Cash and cash equivalents increased to $61,926,000 in 2025 from $44,045,000 in 2024, reflecting a growth of 40.5%[29]. - Shareholders' equity as of December 31, 2025, was $251,598,000, down from $257,341,000 in 2024, a decrease of 2.2%[29]. Shareholder Returns - AMERISAFE increased its regular quarterly cash dividend by 5.1%, from $0.39 to $0.41 per share, payable on March 20, 2026[9]. - The company repurchased 197,672 shares at an average cost of $40.27 per share during the fourth quarter, totaling $8.0 million[12]. Audit Contributions - Payroll audits and related premium adjustments contributed $3.5 million to premiums written in the fourth quarter, compared to $2.5 million in the fourth quarter of 2024[5].

Core Viewpoint - AMERISAFE, Inc. (AMSF) is expected to report its fourth-quarter 2025 results on February 25, 2026, with earnings estimated at 57 cents per share and revenues of $80.31 million [1]. Earnings Estimates - The earnings estimate for Q4 2025 indicates a 14.9% decline compared to the previous year, while revenue is projected to rise by 9.3% year-over-year [2]. - For the full year 2025, AMERISAFE's revenue is estimated at $310.06 million, reflecting a 3.3% increase year-over-year, but the EPS consensus is $2.25, indicating an 11.1% decline from the previous year [2]. Historical Performance - AMERISAFE has beaten the consensus estimate in two of the last four quarters, met once, and missed once, with an average surprise of 2.4% [3]. Earnings Prediction Model - The current model does not predict an earnings beat for AMSF, as it has an Earnings ESP of 0.00% and a Zacks Rank of 3 (Hold) [4]. Factors Influencing Q4 Results - The consensus estimate for net premiums earned is $73.5 million, a 10.5% increase year-over-year, which is expected to contribute to revenue growth, although this may be offset by a 3.5% decline in net investment income, estimated at $6.7 million [6]. - Increased operating expenses are anticipated to negatively impact profit levels, with the net loss ratio expected to rise to 59.8% from 56.4% a year ago, and the net combined ratio projected at 90.8%, up from 86.1% [7]. Industry Performance Comparison - Other major insurers have reported their Q4 2025 results, with Marsh & McLennan Companies reporting adjusted EPS of $2.12, exceeding estimates by 7.6% due to growth in various service units [8]. - Aon reported adjusted earnings of $4.85 per share, surpassing estimates by 1.9%, driven by strong organic revenue growth and high retention rates [9]. - Hartford Insurance reported adjusted operating earnings of $4.06 per share, exceeding estimates by 27.9%, supported by higher net investment income and improved loss ratios [11].