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
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Schedule II. Condensed Financial Information of Registrant
CONDENSED BALANCE SHEETS
| December 31, | ||
|---|---|---|
| 2024 | 2023 | |
| (in thousands) | ||
| Assets: | ||
| Investments: | ||
| Fixed maturity securities—available-for-sale, at fair value (amortized cost $4,988 and $24,309 in 2024 and 2023, respectively) | $4,925 | $24,283 |
| Equity securities, at fair value (cost $5,110 and $7,108 in 2024 and 2023, respectively) | 8,000 | 9,857 |
| Investment in subsidiaries | 230,936 | 249,159 |
| Total investments | 243,861 | 283,299 |
| Cash and cash equivalents | 11,793 | 6,635 |
| Deferred income taxes | 685 | 880 |
| Notes receivable from subsidiaries | 2,007 | 1,925 |
| Property and equipment, net | 762 | 1,933 |
| Federal income tax recoverable | 1,676 | 784 |
| Other assets | 1,051 | 1,099 |
| Total assets | $261,835 | $296,555 |
| Liabilities and shareholders’ equity | ||
| Liabilities: | ||
| Accounts payable and other liabilities | 4,494 | 4,104 |
| Total liabilities | 4,494 | 4,104 |
| Shareholders' equity (net of Treasury stock of $42,052 and $36,929 at December 31, 2024 and 2023, respectively) | 257,341 | 292,451 |
| Total liabilities and shareholders' equity | $261,835 | $296,555 |
Schedule II. Condensed Financial Information of Registrant – (Continued)
CONDENSED STATEMENTS OF INCOME
| Year Ended December 31, | |||
|---|---|---|---|
| 2024 | 2023 | 2022 | |
| (in thousands) | |||
| Revenues | |||
| Net investment income | $2,279 | $4,861 | $2,395 |
| Net unrealized gains (losses) on equity securities | 141 | (845) | (490) |
| Fee and other income | 10,395 | 8,933 | 9,533 |
| Total revenues | 12,815 | 12,949 | 11,438 |
| Expenses | |||
| Other operating costs | 10,395 | 8,932 | 9,533 |
| Total expenses | 10,395 | 8,932 | 9,533 |
| Income before income taxes and equity in earnings of subsidiaries | 2,420 | 4,017 | 1,905 |
| Income tax expense | 1,412 | 1,055 | 714 |
| Gain before equity in earnings of subsidiaries | 1,008 | 2,962 | 1,191 |
| Equity in net income of subsidiaries | 54,428 | 59,146 | 54,411 |
| Net income | $55,436 | $62,108 | $55,602 |
Schedule II. Condensed Financial Information of Registrant – (Continued)
CONDENSED STATEMENTS OF CASH FLOWS
| Year Ended December 31, | |||
|---|---|---|---|
| 2024 | 2023 | 2022 | |
| (in thousands) | |||
| Operating activities | |||
| Net cash provided by operating activities | $2,623 | $5,591 | $6,121 |
| Investing activities | |||
| Purchases of investments | — | (24,885) | (31,909) |
| Proceeds from sales of investments | 22,502 | 35,013 | 75,950 |
| Purchases of property and equipment | 231 | (482) | (1,903) |
| Dividends from subsidiary | 71,000 | 56,000 | 77,700 |
| Net cash provided by investing activities | 93,733 | 65,646 | 119,838 |
| 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 | 5,158 | (25,276) | 13,086 |
| Cash and cash equivalents at beginning of year | 6,635 | 31,911 | 18,825 |
| Cash and cash equivalents at end of year | $11,793 | $6,635 | $31,911 |
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