AMERISAFE, Inc. (NASDAQ:AMSF) Q3 2022 Earnings Conference Call October 27, 2022 10:30 AM ET Company Participants Kathryn Shirley - Chief Administrative Officer Janelle Frost - President and CEO Andy Omiridis - Chief Financial Officer Conference Call Participants Mark Hughes - Truist Matt Carletti - JMP Operator Good day. And welcome to the AMERISAFE 2022 Third Quarter Earnings Conference Call. Today’s conference is being recorded. At this time, I’d like to turn the conference over to Kathryn Shirley, Chief ...

AMERISAFE, Inc. (NASDAQ:AMSF) Q2 2022 Earnings Conference Call July 29, 2022 10:30 AM ET Company Participants Vincent Gagliano - Chief Risk Officer Janelle Frost - President and Chief Executive Officer Neal Fuller - Chief Financial Officer Conference Call Participants Matt Carletti - JMP Mark Hughes - Truist Operator Good day and welcome to the AMERISAFE 2022 Second Quarter Earnings Conference Call. Today’s conference is being recorded. At this time, I would like to turn the conference over to Mr. Vincent G ...

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 Performance - Gross premiums written for Q3 2021 were $67.185 million, a decrease of 7.4% from $72.648 million in Q3 2020[16] - Net premiums earned for the nine months ended September 30, 2021, were $208.260 million, down 9.4% from $229.725 million for the same period in 2020[16] - Total revenues for Q3 2021 were $73.045 million, a decrease of 12.0% from $83.005 million in Q3 2020[16] - Net income for Q3 2021 was $19.136 million, down 18.5% from $23.353 million in Q3 2020[16] - Earnings per share for Q3 2021 were $0.99, compared to $1.21 for Q3 2020, reflecting a decrease of 18.5%[16] - Net income for the nine months ended September 30, 2021, was $62,215, compared to $58,101 for the same period in 2020, reflecting an increase of about 3.6%[24] - The company reported comprehensive income of $56,182 for the nine months ended September 30, 2021, down from $65,802 in the same period of 2020, indicating a decrease of approximately 14.9%[24] - The net combined ratio for Q3 2021 was 71.5%, improving from 72.8% in Q3 2020[108] - The net loss ratio was 48.8% in the first nine months of 2021, down from 52.7% for the same period in 2020[122] Investment Income - Net investment income for Q3 2021 was $6.049 million, a decline of 14.4% compared to $7.063 million in Q3 2020[16] - The pre-tax investment yield on the investment portfolio for Q3 2021 was 2.1% per annum, down from 2.3% per annum in Q3 2020[111] - The company reported net cash provided by investing activities of $48.904 million for the nine months ended September 30, 2021, a significant increase from $9.406 million in the same period of 2020[26] Shareholder Equity and Dividends - Shareholders' equity increased to $480.156 million as of September 30, 2021, compared to $438.816 million at the end of 2020[13] - Cash dividends declared per common share increased to $0.29 in Q3 2021 from $0.27 in Q3 2020[16] - Dividends to shareholders for the nine months ended September 30, 2021, amounted to $16,837, an increase from $15,650 in the same period of 2020, representing an increase of approximately 7.6%[24] Assets and Reserves - Total assets as of September 30, 2021, were $1.479 billion, a slight increase from $1.471 billion at the end of 2020[11] - Reserves for loss and loss adjustment expenses decreased to $720.789 million from $760.561 million year-over-year[12] - The net balance for unpaid loss and loss adjustment expenses at the end of the period was $720.8 million, a decrease from $759.9 million at the end of September 30, 2020[71] Share Repurchase Program - The company has not repurchased any shares under its share repurchase program in the nine months ended September 30, 2021, maintaining the limit of $25.0 million[97] - No shares were repurchased during the three months ended September 30, 2021 and 2020, indicating a pause in the buyback program[146] - As of September 30, 2021, the company repurchased a total of 1,258,250 shares for $22.4 million, with $25.0 million available for future purchases[146] Cash and Cash Equivalents - Total cash and cash equivalents at the end of the period increased to $123.128 million from $88.168 million year-over-year, marking a growth of 39.7%[26] - As of September 30, 2021, total cash and cash equivalents were reported at $123,128,000, compared to $61,757,000 as of December 31, 2020, an increase of 99%[96] Other Financial Metrics - The company recorded a provision for credit loss benefit of $60,000 for the three months ended September 30, 2021, compared to a benefit of $9,000 for the same period in 2020[74] - The company experienced favorable development of net reserves, reducing loss and loss adjustment expenses incurred by $48.3 million in 2021[71] - The company recorded favorable prior accident year development of $48.3 million in the first nine months of 2021, compared to $45.6 million in the same period of 2020[133]