The following is a summary of the AMERISAFE, Inc. (AMSF) Q1 2024 Earnings Call Transcript:
Financial Performance:
AMERISAFE reported a combined ratio of 87.3% and a return on equity of 22.8%.
Gross premiums written decreased 2.9% due to lighter audit premiums, with gross written premiums at $80.1 million.
Net income amounted to $16.9 million or $0.88 per diluted share.
Operating expenses for Q1 2024 increased to $18.7 million, up from $17 million in Q1 2023.
Business Progress:
Despite declining workers' compensation rates, the company reported solid results due to their risk evaluation strategy.
AMERISAFE witnessed a high retention rate of 94.9% and saw an increase in agent engagement.
Anticipated to maintain the accident year loss ratio at 71% with favourable frequency trends.
Plans to monitor the potential impact of rising healthcare costs while maintaining a strong capital position of approximately $900 million.
More details: Amerisafe IR
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