AMERISAFE, Inc. reported its financial results for the third quarter and the nine months ended September 30, 2024, showing notable changes in revenue and profitability compared to the previous fiscal period. The company, which specializes in providing workers' compensation insurance for small to mid-sized employers in hazardous industries, experienced a 5.8% increase in gross premiums written, totaling $74.9 million for Q3 2024, up from $70.8 million in Q3 2023. For the nine months ended September 30, 2024, gross premiums written reached $231.4 million, a 2.8% increase from $225.0 million in the same period of 2023.
Net premiums written also saw growth, rising 6.4% to $71.0 million in Q3 2024, compared to $66.7 million in Q3 2023. For the nine-month period, net premiums written increased by 3.2% to $219.5 million. However, net premiums earned showed a modest increase of 0.6% in Q3 2024, totaling $67.1 million, while for the nine months, it rose 1.3% to $204.1 million.
The company's net income for Q3 2024 was $14.3 million, significantly higher than $10.0 million in Q3 2023, reflecting a strong performance in the quarter. Earnings per share increased to $0.75 from $0.52 year-over-year. However, net income for the nine months ended September 30, 2024, was slightly lower at $42.2 million compared to $42.9 million in the same period of 2023.
Total expenses for Q3 2024 were $60.9 million, a slight increase from $60.3 million in Q3 2023. Loss and loss adjustment expenses incurred rose to $39.2 million, up from $37.2 million in the prior year. The net loss ratio for Q3 2024 was 58.4%, compared to 55.8% in Q3 2023, indicating a slight deterioration in underwriting performance.
AMERISAFE's investment portfolio totaled $899.2 million as of September 30, 2024, with cash and cash equivalents increasing to $63.7 million from $38.7 million at the end of 2023. The company reported net realized gains of $0.2 million for Q3 2024, a decrease from $5.1 million in Q3 2023.
In terms of strategic developments, AMERISAFE repurchased 21,586 shares for $1.0 million during Q3 2024, marking a shift from the previous year when no shares were repurchased. The company also declared a special cash dividend of $3.00 per share and a regular cash dividend of $0.37 per share, both payable in December 2024.
Overall, AMERISAFE's financial results reflect a combination of revenue growth and challenges in profitability, alongside strategic actions in capital management.
About AMERISAFE INC
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