Full Transcript: AMERISAFE Q2 2026 Earnings Call

On Wednesday, AMERISAFE (NASDAQ: AMSF ) discussed second-quarter financial results during its earnings call.

The full transcript is provided below.

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For comprehensive financial data and transcripts, visit Access the full call at Summary AMERISAFE reported a 7.9% increase in gross written premiums to $86 million, reflecting strong audit premium production and a 11.4% rise in net premiums earned.

The company achieved a return on average equity of 23.5% and maintained a current accident year loss ratio of 72%, with favorable reserve development of $7.3 million from prior accident years.

Net income for the second quarter was $14.6 million, or $0.78 per diluted share, with operating net income of $8.3 million, or $0.44 per diluted share, influenced by a one-time bad debt write-off of $700,000.

Investment income decreased by 2.4% due to lower average investable assets, but the tax-equivalent book yield increased to 3.9%.

The company repurchased 181,000 shares at an average price of $30.58 per share, returning $5.6 million to shareholders, and maintained a statutory surplus of $200.8 million.

AMERISAFE remains focused on profitable growth, underwriting discipline, and capital strength, despite challenges from rate reductions and medical cost increases in the workers' compensation market.

Full Transcript OPERATOR Good day and welcome to the AMERISAFE second quarter 2026 earnings call.

Today's conference is being recorded.

At this time, I'd like to turn the conference over to Kathryn Shirley, Chief Administrative Officer.

Please go ahead.

Kathryn Shirley — Executive Vice President, Chief Administrative Officer & Secretary Thank you, operator, and good morning, everyone.

Welcome to the AMERISAFE 2026 second quarter investor call.

If you have not received the earnings release, it is available on our website at amerisafe.com.

This call is being recorded.

A replay of today's call will be available.

Details on how to access the replay are in the earnings release.

During this call, we will be making forward-looking statements intended to fall within the safe harbor provided under the securities laws.

These statements are based on current expectations and assumptions that are subject to various risks and uncertainties.

Actual results may differ materially from the results expressed or implied in these statements if the underlying assumptions prove to be incorrect or as a result of risks, uncertainties, and other factors, including factors discussed in the earnings release, in the comments made during today's call, and in the risk factors section of our Form 10-K, Form 10-Qs, and other reports and filings with the Securities and Exchange Commission.

We do not undertake any duty to update any forward-looking statement.

I will now turn the call over to Janelle Frost, AMERISAFE's President and CEO.

Janelle Frost — President & CEO Thank you, Kathryn, and good morning, everyone.

With me on the call today is Guillermo Ramos, our Chief Financial Officer, and Vincent Gagliano, our Chief Risk Officer.

We appreciate your interest in AMERISAFE and look forward to discussing our second quarter 2026 results.

The workers' compensation market remains profitable, but the industry continues to observe a gradual softening environment.

Rate reductions, increasing medical costs, moderating reserve redundancies, and heightened competition continue to pressure industry-wide results.

Despite those dynamics, AMERISAFE's specialized underwriting expertise, focus on high hazard industries, and disciplined pricing strategy continue to differentiate our results in the marketplace.

The second quarter reflected continued strength in our underlying business.

We delivered our ninth consecutive quarter of premium growth, generated a return on average equity of 23.5%, and continued to grow policy count despite a highly competitive market.

Net premiums earned increased 11.4% compared to the prior-year quarter, supported by strong renewal retention of over 93%, growth in policy count, and favorable audit premium activity.

Gross premiums written increased 7.9%, while voluntary premiums on policies written in the quarter increased 5.7% year over prior-year quarter.

We were also encouraged by payroll audit activity during the quarter.

Audit premiums and related adjustments contributed $4.1 million to premiums written, substantially above the prior-year period.