AMERISAFE Q2 net income falls 74% to $6.1M, operating EPS $0.68 vs $1.04

AMERISAFE INC

2022-Q2 EPS reported $1.21 revenue$143,596,000

Net income $6.1M ($0.32 diluted EPS) vs $23.8M ($1.23) in Q2 2021; operating net income $13.1M ($0.68) vs $20.2M ($1.04).
Net combined ratio worsened to 86.7% from 74.4%; underwriting profit dropped 47.7% to $9.4M.
Gross premiums written up 1.0% to $74.5M; voluntary premiums down 5.6%, offset by $5.0M in payroll audit adjustments.
Board declared $0.31 quarterly dividend payable Sept 23; repurchased 77,699 shares at $46.88 avg for $3.6M.
Book value per share fell 3.2% YTD to $19.95, driven by $9.9M unrealized losses on equity securities.

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