AMERISAFE(US:AMSF)2025-10-30 20:09Financial Performance - Gross premiums written for Q3 2025 increased to $80,321,000, up 7.8% from $74,940,000 in Q3 2024[15] - Net premiums earned for the nine months ended September 30, 2025, were $209,462,000, compared to $204,129,000 for the same period in 2024, reflecting a growth of 2.0%[15] - Net income for Q3 2025 was $13,818,000, a decrease of 3.5% from $14,324,000 in Q3 2024[15] - Net income for the nine months ended September 30, 2025, was $36,722,000, a decrease of 13% compared to $42,242,000 for the same period in 2024[25] - Total comprehensive income for the nine months ended September 30, 2025, was $41,920,000, compared to $46,761,000 in 2024, reflecting a decline of 10%[25] - Basic earnings per share (EPS) for the three months ended September 30, 2025, was $0.73, down from $0.75 in the same period in 2024, reflecting a decline of 2.7%[41] - The diluted EPS for the nine months ended September 30, 2025, was $1.92, compared to $2.21 for the same period in 2024, indicating a decrease of 13.1%[41] Assets and Liabilities - Total assets as of September 30, 2025, were $1,164,944,000, compared to $1,157,791,000 at the end of 2024, representing a slight increase of 0.6%[13] - Total liabilities decreased to $890,171,000 as of September 30, 2025, down from $900,450,000 at the end of 2024, a reduction of 1.3%[13] - Shareholders' equity increased to $274,773,000 as of September 30, 2025, compared to $257,341,000 at the end of 2024, marking a growth of 6.8%[13] Cash Flow and Dividends - Cash dividends declared per common share increased to $0.39 in Q3 2025, up from $0.37 in Q3 2024[15] - Net cash provided by operating activities was $447,000 for the nine months ended September 30, 2025, significantly lower than $13,363,000 in 2024[25] - Cash used for dividends paid to shareholders was $22.4 million in the nine months ended September 30, 2025, compared to $21.3 million in the same period of 2024[127] - The company purchased treasury stock amounting to $4,143,000 in 2025, compared to $5,121,000 in 2024, indicating a reduction of 19%[25] Investment Income - The company reported net investment income of $6,566,000 for Q3 2025, down from $7,485,000 in Q3 2024, a decline of 12.3%[15] - Net investment income for the first nine months of 2025 was $19.9 million, down 10.7% from $22.3 million in the same period of 2024[118] - The company recognized net realized gains of $3.1 million in the nine months ended September 30, 2025, compared to net realized losses of $0.2 million in the same period of 2024[57] Claims and Reserves - The reserves for loss and loss adjustment expenses decreased to $617,860,000 as of September 30, 2025, down from $651,309,000 at the end of 2024, a decline of 5.1%[13] - The company experienced a decrease in reserves for loss and loss adjustment expenses, which totaled $33,449,000 in 2025 compared to $10,508,000 in 2024, indicating a significant increase in claims management efficiency[25] - The total incurred loss for the first nine months of 2025 was $122,498 thousand, compared to $119,765 thousand for the same period in 2024, reflecting an increase of approximately 2%[66] Stock and Shareholder Information - The company issued 35,557 shares of common stock during the nine months ended September 30, 2025, raising $807,000[23] - The company repurchased 30,860 shares of its common stock for $1.3 million during the three months ended September 30, 2025, at an average price of $43.72 per share[88] - The company has repurchased a total of 1,776,468 shares of common stock for $46.2 million since the inception of its share repurchase program in 2010[142] Regulatory and Governance - The company operates as a single reportable segment, Insurance Operations, focusing on workers' compensation insurance for small to mid-sized employers in high hazard industries[90] - The Bylaws have been amended to clarify quorum requirements and voting standards for shareholder meetings[148] - Shareholder proposals for the 2026 Annual Meeting must be received by January 2, 2026, to be included in the proxy materials[150]