AMERISAFE(AMSF) - 2025 Q1 - Quarterly Results

Financial Performance - Net premiums earned for Q1 2025 were $68,885,000, a slight increase of 0.6% from $68,446,000 in Q1 2024[3] - Net income for Q1 2025 decreased by 47.1% to $8,949,000 compared to $16,925,000 in Q1 2024[3] - Diluted earnings per share (EPS) fell by 46.6% to $0.47 in Q1 2025 from $0.88 in Q1 2024[3] - Gross premiums written increased by 4.6% to $83,784,000 in Q1 2025, up from $80,074,000 in Q1 2024[4] - The net combined ratio for Q1 2025 was 89.1%, compared to 87.3% in Q1 2024[4] - Net investment income decreased by 9.7% to $6,652,000 in Q1 2025 from $7,366,000 in Q1 2024[7] - The underwriting expense ratio increased to 29.9% in Q1 2025, up from 27.3% in Q1 2024, reflecting continued investment in the business[6] - The effective tax rate for Q1 2025 was 20.2%, compared to 18.4% in Q1 2024[6] Shareholder Information - Book value per share at March 31, 2025, was $13.69, a decrease of 13.0% from $15.74 at the same time last year[3] - The company declared a quarterly cash dividend of $0.39 per share, representing a 5.4% increase compared to 2024[8] Asset and Liability Changes - Total assets decreased slightly from $1,157,791 million in December 2024 to $1,156,717 million in March 2025, a decline of 0.09%[27] - Investments decreased from $788,778 million to $781,012 million, a reduction of approximately 0.98%[27] - Premiums receivable, net increased from $142,659 million to $156,746 million, reflecting a growth of 9.87%[27] - Reserves for loss and loss adjustment expenses decreased from $651,309 million to $639,965 million, a decline of 1.84%[27] - Unearned premiums increased from $121,926 million to $132,646 million, an increase of 8.77%[27] - Shareholders' equity increased from $257,341 million to $260,813 million, a growth of 1.93%[27] - Other liabilities decreased from $112,363 million to $107,405 million, a reduction of 4.03%[27] - Amounts recoverable from reinsurers decreased from $117,019 million to $114,278 million, a decline of 2.35%[27] - Deferred policy acquisition costs increased from $19,151 million to $20,422 million, an increase of 6.64%[27] - Cash and cash equivalents increased slightly from $44,045 million to $44,753 million, a growth of 1.60%[27]