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AMSF Nasdaq· AMERISAFE Inc.
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AMSF Nasdaq· AMERISAFE Inc.
Earnings report Q4 2023

AMSF Reports Increase in Revenues for Latest Quarter

Segments of Revenue

AMSF, Inc. reported total revenues of $306.85 million for the year ended December 31, 2023. The breakdown of revenue segments is as follows:

  1. Net premiums earned: $267.13 million
  2. Net investment income: $31.34 million
  3. Net realized gains on investments: $6.58 million
  4. Net unrealized gains (losses) on equity securities: $1.23 million
  5. Fee and other income: $0.58 million

Strengths

AMSF, Inc. demonstrated a positive performance in terms of revenue in the latest quarter. The company experienced an increase in total revenues from $294.74 million in the previous year to $306.85 million in 2023. This growth can be attributed to several factors. Firstly, there was an increase in net premiums earned, which indicates a rise in insurance policy sales and premiums collected. Additionally, net investment income also saw a significant increase, suggesting successful investment strategies. The company's management has expressed their intention to continue paying regular cash dividends, which indicates confidence in their financial stability.

Challenges

While AMSF, Inc. showed overall positive revenue growth, there were some challenges faced by the company. Loss and loss adjustment expenses incurred increased from $152.32 million in the previous year to $148.26 million in 2023. This indicates higher claims and payouts, which can impact the company's profitability. Additionally, there was a decrease in net realized gains on investments from $3.44 million in the previous year to $6.58 million in 2023, which may suggest a less favorable investment environment.

Noteworthy

It is worth noting that AMSF, Inc. experienced a significant increase in comprehensive income from $28.24 million in the previous year to $68.74 million in 2023. This increase can be attributed to an unrealized gain on debt securities, net of tax, which amounted to $6.63 million. This indicates a positive impact on the company's overall financial performance.

Summary

AMSF, Inc. reported a positive performance in terms of revenue for the latest quarter. The company experienced an increase in total revenues, driven by growth in net premiums earned and net investment income. However, challenges such as increased loss and loss adjustment expenses and a decrease in net realized gains on investments were observed. Despite these challenges, AMSF, Inc. achieved a significant increase in comprehensive income, indicating a favorable overall financial performance.

Source documents

Form 10-K  filed on Feb 23, 2024
115 pages scanned

Reference data

Company financials Q4 revenue 80.1M
Analyst estimates Q4 EPS beat by 11.00%
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