Financial Data and Key Metrics Changes - The combined ratio for the quarter was 80.1%, supported by strong policy retention and favorable prior year case development [6] - Net income for Q1 2022 was $17.3 million or $0.89 per diluted share, compared to $19.3 million or $0.99 per diluted share in Q1 2021 [10] - Operating net income increased by 8% to $15.9 million or $0.82 per share from the previous year [10] - Revenues decreased to $75.6 million from $83.4 million in the same quarter last year [10] - Net premiums earned decreased by 4.5% to $67.6 million compared to $70.7 million in Q1 2021 [11] - Total underwriting and other expenses were $15.1 million, down from $19 million in Q1 2021, leading to an expense ratio of 22.4% compared to 26.8% [14] Business Line Data and Key Metrics Changes - Premiums written in the quarter were down 4.6% from Q1 2021, with a policy count decrease of 1.1% [6][7] - Audit premium and related adjustments increased by $2.8 million in the quarter, a significant improvement from $300,000 in Q1 2021 [7] - The average loss cost declined by 8.2%, with the ELCM index remaining at 154 [6][7] Market Data and Key Metrics Changes - Wage inflation was identified as the primary driver of payroll increases, with a reported increase of 7.3% in Q1 2022 [19] - Employee count increased by 1.9% in Q1 2022, compared to 1.2% in the previous quarter [19] Company Strategy and Development Direction - The company is focused on maintaining discipline in pricing amidst a competitive marketplace, with carriers seeking market share in a declining rate environment [6][30] - The company has increased its allocation to corporate bonds, finding attractive opportunities while slightly decreasing its allocation to municipal bonds [13] Management's Comments on Operating Environment and Future Outlook - Management noted that the competitive environment remains steady, with no significant influx of new competitors [30] - The company expects positive net investment income growth in the latter half of the year, following a tough comparison in the next quarter [12] Other Important Information - The company repurchased shares totaling $2.1 million during the quarter, with $22.9 million remaining in its authorization [9][15] - The tax equivalent yield on the investment portfolio was 2.75% at the end of Q1 2022 [12] - Book value per share decreased slightly to $20.46 from $20.62 at year-end [16] Q&A Session Summary Question: Can you provide more detail on better-than-expected payrolls? - Management indicated payroll growth was up 7.3%, with significant contributions from services and construction sectors [19] Question: What is the comparison number for audit and adjustment premiums from last year? - Last year's second quarter audit and other premiums were $0.5 million [24] Question: What is the outlook for new money yield versus book yield? - New money rates have risen, and management is looking to invest longer due to attractive yields [26] Question: How is the competitive environment for signing new customers? - The competitive market remains steady, with no significant changes in the ability to sign new customers [30] Question: Can you provide context on claim frequency compared to pre-COVID levels? - Claim frequency is down compared to pre-COVID levels, with reported claims in Q1 2021 being less than 1,000 [36]

AMERISAFE, Inc. (NASDAQ:AMSF) Q4 2021 Earnings Conference Call February 23, 2022 10:30 AM ET Company Participants Kathryn Shirley - EVP, CAO & Secretary Janelle Frost - President & CEO Neal Fuller - EVP & CFO Conference Call Participants Mark Hughes - Truist Matt Carletti - JMP Securities Operator Good day, and welcome to AMERISAFE 2021 Fourth Quarter and Full Year Earnings Conference Call. Today's conference is being recorded. At this time, I'd like to turn the conference over to Kathryn Shirley, Chief Adm ...

AMERISAFE, Inc. (NASDAQ:AMSF) Q3 2021 Earnings Conference Call October 28, 2021 10:30 AM ET Company Participants Kathryn Shirley - Chief Administrative Officer Janelle Frost - President and CEO Neal Fuller - CFO Conference Call Participants Mark Hughes - Truist Matt Carletti - JMP Operator Good day, and welcome to the AMERISAFE 2021 Third Quarter Earnings Conference Call. [Operator Instructions] At this time, I'd like to turn the conference over to Kathryn Shirley, Chief Administrative Officer. Please go ah ...

Financial Data and Key Metrics Changes - AMERISAFE reported net income of $23.8 million or $1.23 per diluted share, compared to $23.9 million or $1.24 per diluted share in the same quarter last year [11] - Operating net income increased to $20.2 million or $1.04 per share, an increase of $0.04 from the second quarter of 2020 [11] - Revenues decreased to $81.2 million from $89.1 million in the second quarter of 2020 [11] - Net premiums earned decreased by 8% to $69.9 million compared to the previous year [11] - Total underwriting and other expenses were $18.5 million, down from $21.1 million in the second quarter of 2020, leading to an expense ratio of 26.4% compared to 27.8% last year [14] Business Line Data and Key Metrics Changes - The combined ratio for the quarter was 74.4%, attributed to favorable case development from accident years 2019 and prior [6] - Policy count remained flat, with premium for policies written down 8.9% and average loss cost down 6.5% [7] - Renewal retention was strong at 93.9%, compared to 93.7% in the same quarter last year [31] Market Data and Key Metrics Changes - The workers' compensation market saw no substantial changes, with approved loss cost decreases averaging in mid-single digits [6] - Audit premium remained positive despite the full impact of the COVID-19 pandemic on the audited policy period [7] - Frequency for the current accident year returned to pre-pandemic levels, while severity remained within expectations [9] Company Strategy and Development Direction - The company is focused on maintaining competitiveness and discipline in underwriting, with a long-term approach to underwriting discipline and claims management [6] - Management remains optimistic about the potential benefits from the infrastructure bill, which includes significant funding for roads, bridges, and broadband [19] - The company aims to manage capital towards a target operating leverage ratio of 1.1x, currently at 0.62x [15] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism regarding the vaccination rollout and its potential positive impact on the economy, despite concerns about the Delta variant [20] - The company noted that while there are delays in the supply chain, capital expenditures are ready to be funded [30] - Management acknowledged the potential for wage inflation, with a payroll increase of about 2.9%, primarily driven by wage inflation [29] Other Important Information - The investment portfolio has a high quality with an average AA minus credit rating and a duration of 3.67 [13] - The company paid a quarterly cash dividend of $0.29 per share, consistent with previous quarters [15] - Book value per share increased to $24.19, up 6.6% from $22.70 at year-end [15] Q&A Session Summary Question: Did you give the ELCM? - Janelle Frost confirmed the ELCM was 1.52 [17] Question: Can you talk about the prospects for new business? - Management remains optimistic about the economy due to vaccination rollouts and potential benefits from the infrastructure bill, although policy count did not grow in the second quarter [19][21] Question: Was this the first quarter that you drew from the 2019 accident year? - Yes, it was the first quarter that drew from 2019, with reported numbers showing deterioration in the workers' compensation industry [23][24] Question: How is renewal premium impacted by wage inflation? - Management noted a payroll increase of about 2.9%, with 80% attributed to wage inflation, and renewal retention remained strong [29][31] Question: How do you see the supply chain affecting future jobs? - Management is monitoring the supply chain closely, noting potential delays but also increased flow from the lumber industry [30]

AMERISAFE, Inc. (NASDAQ:AMSF) Q1 2021 Earnings Conference Call April 30, 2021 10:30 AM ET Company Participants Vincent Gagliano - EVP and Chief Risk Officer Janelle Frost - President and Chief Executive Officer Neal Fuller - Chief Financial Officer Conference Call Participants Matt Carletti - JMP Securities Mark Hughes - Truist Securities Randy Binner - B. Riley Securities Operator Good day, everyone, and welcome to the AMERISAFE 2021 First Quarter Earnings Conference Call. [Operator Instruction] At this ti ...