Q2 2024 Amerisafe Inc Earnings Call Transcript
Key Points
- AMERISAFE Inc (AMSF) reported a year-over-year gross premiums written growth of 6.6% in the quarter.
- The company achieved a strong policy retention rate of 93.3%.
- AMERISAFE Inc (AMSF) experienced $8.1 million in favorable development on prior accident years, primarily from 2020, 2021, and 2022.
- The company's investment portfolio remains high quality, with an average AA- credit rating and a duration of 3.9 years.
- AMERISAFE Inc (AMSF) declared a regular quarterly cash dividend of $0.37 per share.
- Net income for the second quarter of 2024 was $11 million, down from $15.6 million in the second quarter of 2023.
- Net investment income decreased by 3.6% to $7.4 million due to a lower asset base compared to the prior year.
- Total underwriting and other expenses increased to $20.4 million from $20 million in the second quarter of 2023.
- The expense ratio for the quarter was 29.8%, slightly higher than the 30.4% in the prior year.
- The company is facing continued rate softening in the workers' compensation market, which remains highly competitive.
Good day and welcome to the Amerisafe 2024 second quarter earnings call. Today's conference is being recorded. At this time, I would like to turn the conference over to Kathryn Shirley, Chief Administrative Officer. Please go ahead.
Good morning. Welcome to the Amerisafe 2024 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. 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
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