AMERISAFE INC
For the period ended Dec 31, 2024. Filed Feb 28, 2025.
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FY2024 · Filed Feb 28, 2025
AMSF$19.89+1.3%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEM ENTS OF CASH FLOWS
(in thousands)
| Year Ended December 31, | |||
|---|---|---|---|
| 2024 | 2023 | 2022 | |
| Operating activities | |||
| Net income | $55,436 | $62,108 | $55,602 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depreciation | 1,093 | 1,427 | 1,309 |
| Net amortization of investments | 1,447 | 3,025 | 6,734 |
| Change in investment related allowance for credit losses | (66) | (57) | 44 |
| Deferred income taxes | 1,402 | 628 | (1,136) |
| Net realized (gains) losses on investments | 576 | (6,579) | (3,440) |
| Net unrealized (gains) losses on equity securities | (9,508) | (1,228) | 8,092 |
| Net realized losses on disposal of assets | 209 | 2 | 9 |
| Share-based compensation | 2,939 | 1,557 | 2,479 |
| Changes in operating assets and liabilities: | |||
| Premiums receivable, net | (12,056) | (8,485) | 13,387 |
| Accrued interest receivable | 947 | 154 | (348) |
| Deferred policy acquisition costs | (1,176) | (574) | (342) |
| Other assets | 6,688 | (1,033) | (2,840) |
| Reserves for loss and loss adjustment expenses | (22,685) | (22,043) | (49,241) |
| Unearned premiums | 5,341 | 1,609 | (6,116) |
| Reinsurance balances | 11,926 | (3,740) | (4,754) |
| Amounts held for others and policyholder deposits | (15,692) | 3,093 | 2,825 |
| Federal income taxes recoverable | (399) | (328) | 4,961 |
| Accounts payable and other liabilities | (2,232) | 306 | 969 |
| Net cash provided by operating activities | 24,190 | 29,842 | 28,194 |
| Investing activities | |||
| Purchases of investments held-to-maturity | (5,465) | (42,190) | (32,152) |
| Purchases of investments available-for-sale | (48,939) | (45,141) | (106,049) |
| Purchases of equity securities | — | — | (11,147) |
| Purchases of short-term investments | (56,295) | (46,347) | (66,132) |
| Proceeds from maturities of investments held-to-maturity | 71,066 | 47,151 | 85,006 |
| Proceeds from sales and maturities of investments available-for-sale | 57,194 | 57,153 | 90,675 |
| Proceeds from sales of equity securities | 7,933 | 12,688 | 8,487 |
| Proceeds from sales and maturities of short-term investments | 47,717 | 61,123 | 108,827 |
| Purchases of property and equipment | (840) | (553) | (2,089) |
| Net cash provided by investing activities | 72,371 | 43,884 | 75,426 |
| Financing activities | |||
| Finance lease purchases | (85) | (91) | (58) |
| Share-based compensation related tax withholding | (554) | (944) | — |
| Purchase of treasury stock | (5,123) | (2,171) | (12,388) |
| Dividends to shareholders | (85,436) | (93,307) | (100,427) |
| Net cash used in financing activities | (91,198) | (96,513) | (112,873) |
| Change in cash and cash equivalents | 5,363 | (22,787) | (9,253) |
| Cash and cash equivalents at beginning of year | 38,682 | 61,469 | 70,722 |
| Cash and cash equivalents at end of year | $44,045 | $38,682 | $61,469 |
| Supplemental disclosure of cash flow information | |||
| Income taxes paid | $11,750 | $13,950 | $7,791 |
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