AMERISAFE, Inc. reported first‑quarter 2026 results on April 22, 2026, with revenue of $80.1 million, up 10.5% from $72.6 million a year earlier. Net income fell to $8.15 million, a 9.2% decline from $8.95 million in Q1 2025, and basic earnings per share dropped to $0.43 from $0.47 a year ago.
Revenue growth was driven by a 9% increase in net premiums earned, which rose to $75.1 million, while gross premiums written reached $88.5 million. The company’s reported revenue figure of $80.1 million reflects the adjusted net premiums earned after accounting for policyholder dividends and other adjustments.
The combined ratio for the quarter was 93.2%, a deterioration from 89.1% in the prior year, largely due to higher loss costs and increased policyholder dividends. The margin compression contributed to the earnings miss, as operating earnings of $0.50 per share were below the $0.52 consensus estimate.
Investors reacted negatively to the results, citing the earnings and revenue misses and margin compression. The company’s EPS missed the consensus estimate by $0.02, and revenue fell short of the $83–90 million range expected by analysts.
Management highlighted the company’s focus on high‑hazard industries and disciplined underwriting. "We are pleased with our solid start to 2026, marked by continued growth, disciplined execution and attractive underwriting performance," said President and CEO Janelle Frost. "During the quarter, we grew net premiums earned by 9%. We also delivered a combined ratio of 93.2% and produced operating earnings of $0.50 per share." "Medical inflation is real and that AMERISAFE is ‘reserving properly for it,’ adding that fee schedules are ‘doing their job in helping us contain costs.’"
The company did not provide new quantitative guidance for the remainder of the year, but management expressed confidence in its strategy. It emphasized continued focus on high‑hazard industries, disciplined underwriting, and cost control as key drivers of future performance.
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