The sharp deterioration in underwriting profitability and the miss versus consensus suggest the competitive market headwinds are intensifying. Monitor the Q4 2026 release for further margin compression and any guidance on premium trends.
Price Chart
Executive Summary
AMERISAFE reported Q3 2026 results with net premiums earned up 3.0% to $73.3M, but net income fell 47.9% to $7.2M and diluted EPS dropped 45.8% to $0.39, well below the $0.47 consensus. The net combined ratio deteriorated to 96.5% from 90.6% a year ago, driven by a higher expense ratio and lower favorable prior-year reserve development. Management cited a competitive market, softer audit premium, and higher expenses.
Key Financial Metrics
Key Facts
- Q3 2026 diluted EPS of $0.39 missed the $0.47 consensus by 17.0%
- Net income declined 47.9% year-over-year to $7.2M
- Net combined ratio worsened to 96.5% from 90.6% in Q3 2025
- Underwriting profit fell 62.6% to $2.5M
- Gross premiums written declined 4.5% to $76.7M
- Voluntary premiums on policies written grew only 0.8%
- Underwriting expense ratio increased to 32.5% from 31.1%
- Book value per share fell 11.5% year-over-year to $12.80
- Quarterly dividend maintained at $0.41 per share
- Company repurchased 5,450 shares for $0.2M during the quarter
Financial Impact
EPS of $0.39 missed consensus of $0.47 by $0.08 (17.0%); net income down 47.9% YoY; underwriting profit down 62.6%
Risk Factors
- Continued competitive pressure in workers compensation market
- Further expense ratio increases from higher assessments and compensation costs
- Lower favorable prior-year reserve development reducing earnings support
- Declining book value per share (-11.5% YoY) may pressure capital returns
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-436170 |
| Document: d570678d8k.htm | 0001193125-26-436170 |
| Document: 0001193125-26-436170-index-headers.html | 0001193125-26-436170 |
| Document: 0001193125-26-436170-index.html | 0001193125-26-436170 |
| Document: 0001193125-26-436170.txt | 0001193125-26-436170 |
| 8-K Data (Synthetic) | 0001193125-26-436170 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 28, 2026 2d ago | 8-K | $23.09 $20.91 | ▲ +9.44% | ▲ +7.67% | $20.91 (+9.44%) |
Oct 27, 2026 3d ago | SC 13G | $25.30 $23.09 | ▼ −8.74% | ▼ −8.35% | $20.91 (−17.35%) |
Oct 5, 2026 25d ago | SC 13G/A | $23.28 $23.60 | ▲ +1.37% | ▲ +0.82% | $20.91 (−10.18%) |
Sep 30, 2026 4w ago | SC 13G | $23.68 $23.59 | ▼ −0.38% | ▼ −1.12% | $20.91 (−11.70%) |
Aug 15, 2026 10w ago | Institutional Cluster | $26.41 $26.53 | ▲ +0.45% | ▲ +1.13% | $20.91 (−20.83%) |
Jun 11, 2026 20w ago | Institutional Cluster | $31.80 $31.53 | ▼ −0.85% | ▼ −1.39% | $20.91 (−34.25%) |
Apr 22, 2026 27w ago | 8-K | $29.96 $31.09 | ▼ −3.77% | ▼ −4.17% | $20.91 (+30.21%) |
Feb 25, 2026 35w ago | 8-K | $33.63 $32.53 | ▲ +3.27% | ▲ +2.79% | $20.91 (+37.82%) |
US Market Status
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