AMERISAFE(US:AMSF)2021-10-28 16:00Financial 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]