AMERISAFE INC
For the period ended Dec 31, 2023. Filed Feb 23, 2024.
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FY2023 · Filed Feb 23, 2024
AMSF$19.89+1.3%Stored close · as of Nov 10, 2026
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Schedule II. Condensed Financial Information of Registrant
CONDENSED BALANCE SHEETS
| December 31, | ||
|---|---|---|
| 2023 | 2022 | |
| (in thousands) | ||
| Assets: | ||
| Investments: | ||
| Fixed maturity securities—available-for-sale, at fair value (amortized cost $24,309 and $19,824 in 2023 and 2022, respectively) | $24,283 | $19,470 |
| Equity securities, at fair value (cost $7,108 and $10,007 in 2023 and 2022, respectively) | 9,857 | 13,602 |
| Short-term investments | — | 10,145 |
| Investment in subsidiaries | 249,159 | 239,664 |
| Total investments | 283,299 | 282,881 |
| Cash and cash equivalents | 6,635 | 31,911 |
| Deferred income taxes | 880 | 982 |
| Notes receivable from subsidiaries | 1,925 | 1,855 |
| Property and equipment, net | 1,933 | 2,736 |
| Federal income tax recoverable | 784 | 543 |
| Other assets | 1,099 | 1,752 |
| Total assets | $296,555 | $322,660 |
| Liabilities and shareholders’ equity | ||
| Liabilities: | ||
| Accounts payable and other liabilities | 4,104 | 5,228 |
| Total liabilities | 4,104 | 5,228 |
| Shareholders' equity (net of Treasury stock of $36,929 and $34,758 at December 31, 2023 and 2022, respectively) | 292,451 | 317,432 |
| Total liabilities and shareholders' equity | $296,555 | $322,660 |
Schedule II. Condensed Financial Information of Registrant – (Continued)
CONDENSED STATEMENTS OF INCOME
| Year Ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| (in thousands) | |||
| Revenues | |||
| Net investment income | $4,861 | $2,395 | $896 |
| Net unrealized gains (losses) on equity securities | (845) | (490) | 2,590 |
| Fee and other income | 8,933 | 9,533 | 8,541 |
| Total revenues | 12,949 | 11,438 | 12,027 |
| Expenses | |||
| Other operating costs | 8,932 | 9,533 | 8,541 |
| Total expenses | 8,932 | 9,533 | 8,541 |
| Income before income taxes and equity in earnings of subsidiaries | 4,017 | 1,905 | 3,486 |
| Income tax expense (benefit) | 1,055 | 714 | (1,188) |
| Gain before equity in earnings of subsidiaries | 2,962 | 1,191 | 4,674 |
| Equity in net income of subsidiaries | 59,146 | 54,411 | 61,083 |
| Net income | $62,108 | $55,602 | $65,757 |
Schedule II. Condensed Financial Information of Registrant – (Continued)
CONDENSED STATEMENTS OF CASH FLOWS
| Year Ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| (in thousands) | |||
| Operating activities | |||
| Net cash provided by operating activities | $5,591 | $6,121 | $6,622 |
| Investing activities | |||
| Purchases of investments | (24,885) | (31,909) | (87,289) |
| Proceeds from sales of investments | 35,013 | 75,950 | 28,780 |
| Purchases of property and equipment | (482) | (1,903) | (1,277) |
| Dividends from subsidiary | 56,000 | 77,700 | 148,400 |
| Net cash provided by investing activities | 65,646 | 119,838 | 88,614 |
| Financing activities | |||
| Finance lease purchases | (91) | (58) | (44) |
| Share-based compensation related tax withholding | (944) | — | — |
| Purchase of treasury stock | (2,171) | (12,388) | — |
| Dividends to shareholders | (93,307) | (100,427) | (99,929) |
| Net cash used in financing activities | (96,513) | (112,873) | (99,973) |
| Change in cash and cash equivalents | (25,276) | 13,086 | (4,737) |
| Cash and cash equivalents at beginning of year | 31,911 | 18,825 | 23,562 |
| Cash and cash equivalents at end of year | $6,635 | $31,911 | $18,825 |
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