# EDGAR Filing Document

**Accession Number:** 0001018979
**File Stem:** 0001193125-23-043195
**Filing Date:** 2023-2
**Character Count:** 25141
**Document Hash:** 8351135d233c04cba0e39723054023d1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-043195.hdr.sgml**: 20230221

**ACCESSION NUMBER**: 0001193125-23-043195

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 18

**CONFORMED PERIOD OF REPORT**: 20230220

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230221

**DATE AS OF CHANGE**: 20230221

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AMERISAFE INC
- **CENTRAL INDEX KEY:** 0001018979
- **STANDARD INDUSTRIAL CLASSIFICATION:** FIRE, MARINE & CASUALTY INSURANCE [6331]
- **IRS NUMBER:** 752069407
- **STATE OF INCORPORATION:** TX
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-12251
- **FILM NUMBER:** 23646308

**BUSINESS ADDRESS:**
- **STREET 1:** 2301 HIGHWAY 190 WEST
- **CITY:** DERIDDER
- **STATE:** LA
- **ZIP:** 70634
- **BUSINESS PHONE:** 337-463-9052

**MAIL ADDRESS:**
- **STREET 1:** 2301 HIGHWAY 190 WEST
- **CITY:** DERIDDER
- **STATE:** LA
- **ZIP:** 70634

?xml version="1.0" encoding="utf-8" ? 8-K

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### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### WASHINGTON, D.C. 20549

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### FORM 8-K

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#### CURRENT REPORT

#### Pursuant to Section 13 or 15(d)

#### of the Securities Exchange Act of 1934

#### Date of report (Date of earliest event reported): February 20, 2023

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## AMERISAFE, INC.

#### (Exact Name of Registrant as Specified in Charter)

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---

| | | |
|:---|:---|:---|
| **Texas** | **001-12251** | **75-2069407** |
| **(State or Other Jurisdiction<br>of Incorporation)** | **(Commission<br>File Number)** | **(IRS Employer<br>Identification No.)** |

---

#### 2301 Highway 190 West

#### DeRidder, Louisiana 70634

#### (Address of Principal Executive Offices) (Zip Code)

#### Registrant's telephone number, including area code: (337) 463-9052

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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the Registrant under any of the following provisions (*see* General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Securities registered or to be registered pursuant to Section 12(b) of the Act.

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading<br>Symbol(s)** | **Name of each exchange**<br> **on which registered** |
| Common Stock, par value $0.01 per share | AMSF | Nasdaq Stock Market LLC |

---

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| | |
|:---|:---|
| **Item 2.02.** | **Results of Operations and Financial Condition.**  |

---

On February 20, 2023, AMERISAFE, Inc. (the "Company") issued a press release announcing its financial results for the fourth quarter and full year quarter ended December 31, 2022. A copy of the Company's press release is attached as Exhibit 99.1 to this Current Report on Form 8-K.

On February 20, 2023, AMERISAFE, Inc. (the "Company") issued a press release announcing a quarterly divided of $0.34 per share. A copy of the Company's press release is attached as Exhibit 99.2 to this Current Report on Form 8-K.

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| | |
|:---|:---|
| **Item 9.01** | **Financial Statements and Exhibits.**  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Exhibits

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| | |
|:---|:---|
| **Exhibit**<br>**No.** | **Description** |
| 99.1 | [Press Release of AMERISAFE, Inc. dated February 20, 2023 (Financial Results)](d377200dex991.htm) |
| 99.2 | [Press Release of AMERISAFE, Inc. dated February 20, 2023 (Dividend)](d377200dex992.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

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#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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| | |
|:---|:---|
| AMERISAFE, INC. | AMERISAFE, INC. |
| By: | /s/ Anastasios Omiridis |
|  | Anastasios Omiridis, Executive Vice President<br>and Chief Financial Officer |

---

Date: February 21, 2023

## Exhibit 99.1

**Exhibit 99.1** 

---

| | |
|:---|:---|
| ![LOGO](g377200g0221205045123.jpg) | ![LOGO](g377200g0221203854199.jpg) <br>**Andy Omiridis, EVP & CFO**<br> AMERISAFE<br> 337.463.9052 |

---

**AMERISAFE ANNOUNCES 2022 FOURTH QUARTER AND YEAR-END RESULTS** 

***Reports $55.6 Million of Net Income, Return on Equity of 15.5% and***

***Net Combined Ratio of 83.6% in 2022***

DeRidder, LA – February 20, 2023 – AMERISAFE, Inc. (**Nasdaq: AMSF**), a specialty provider of workers' compensation insurance focused on high hazard industries, today announced results for the fourth quarter and year ended December 31, 2022.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | | **Twelve Months Ended** | **Twelve Months Ended** | |
|  | **December 31,** | **December 31,** | | **December 31,** | **December 31,** | |
|  | **2022** | **2021** |<br>**% Change** | **2022** | **2021** |<br>**% Change** |
|  | **(in thousands, except per<br>share data)** | **(in thousands, except per<br>share data)** | | **(in thousands, except per<br>share data)** | **(in thousands, except per<br>share data)** | |
|  Net premiums earned | $66073 | $67733 | -2.5% | $271698 | $275993 | -1.6% |
|  Net investment income | 7642 | 6073 | 25.8% | 27223 | 25435 | 7.0% |
|  Net realized gains on investments (pre-tax) | 1038 | 205 | 406.3% | 3440 | 1695 | 102.9% |
|  Net unrealized gains (losses) on equity securities (pre-tax) | 4892 | 4289 | NM | (8092) | 12315 | NM |
|  Net income | 20778 | 3541 | 486.8% | 55602 | 65756 | -15.4% |
|  Diluted earnings per share | $1.08 | $0.18 | 500.0% | $2.88 | $3.39 | -15.0% |
|  Operating net income (loss) | 16093 | (9) | NM | 59277 | 54688 | 8.4% |
|  Operating earnings per share | $0.84 | $— | NM | $3.07 | $2.82 | 8.9% |
|  Book value per share | $16.57 | $20.62 | -19.6% | $16.57 | $20.62 | -19.6% |
|  Net combined ratio | 82.0% | 112.9% |  | 83.6% | 85.7% |  |
|  Return on average equity | 24.1% | 3.2% |  | 15.5% | 15.7% |  |

---

G. Janelle Frost, President and Chief Executive Officer commented, "AMERISAFE's financial results this quarter are reflective of our focus on underwriting margins and sustainability in providing long-term returns to our shareholders. Despite industrywide pressure as competition increases and rates decrease, our focus on risk selection, appropriate product pricing and claims handling resulted in combined ratios of 82.0% this quarter and 83.6% for the year. Based on these results and our capital strength, AMERISAFE has demonstrated it is well-positioned for solid performance in the current market and to create long-term shareholder value into the future."

------

**INSURANCE RESULTS** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | | **Twelve Months Ended** | **Twelve Months Ended** | |
|  | **December 31,** | **December 31,** | | **December 31,** | **December 31,** | |
|  | **2022** | **2021** |<br>**% Change** | **2022** | **2021** |<br>**% Change** |
|  | **(in thousands)** | **(in thousands)** | | **(in thousands)** | **(in thousands)** | |
|  Gross premiums written | $55647 | $55871 | -0.4% | $276110 | $278294 | -0.8% |
|  Net premiums earned | 66073 | 67733 | -2.5% | 271698 | 275993 | -1.6% |
|  Loss and loss adjustment expenses incurred | 36524 | 59197 | -38.3% | 152316 | 160798 | -5.3% |
|  Underwriting and certain other operating costs, commissions, salaries and benefits | 17421 | 16714 | 4.2% | 72032 | 72051 | 0.0% |
|  Policyholder dividends | 182 | 515 | -64.7% | 2699 | 3715 | -27.3% |
|  Underwriting profit (pre-tax) | $11946 | $(8693) | NM | $44651 | $39429 | 13.2% |
|  **Insurance Ratios:** |  |  |  |  |  |  |
|  Current accident year loss ratio | 71.0% | 107.4% |  | 71.0% | 80.7% |  |
|  Prior accident year loss ratio | -15.7% | -20.0% |  | -14.9% | -22.4% |  |
|  Net loss ratio | 55.3% | 87.4% |  | 56.1% | 58.3% |  |
|  Net underwriting expense ratio | 26.4% | 24.7% |  | 26.5% | 26.1% |  |
|  Net dividend ratio | 0.3% | 0.8% |  | 1.0% | 1.3% |  |
|  Net combined ratio | 82.0% | 112.9% |  | 83.6% | 85.7% |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Voluntary premiums on policies written in the quarter were 4.5% lower than the fourth quarter of 2021, primarily
due to continued declines in approved loss costs in the states in which we write business partially offset by an increase in payrolls. For the full year, voluntary premiums decreased by 5.9%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Payroll audits and related premium adjustments increased premiums written by $2.3 million in the fourth
quarter of 2022, compared to an increase of $0.1 million in the fourth quarter of 2021. For the full year 2022, audits and related premium adjustments increased premiums by $14.0 million, compared to a decrease in premiums of
$1.2 million in 2021.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The loss ratio for the fourth quarter was 55.3% and 56.1% for the full year. During the quarter, the Company
experienced favorable net loss reserve development for prior accident years, which reduced loss and loss adjustment expenses by $10.4 million, primarily from accident years 2017 through 2020. For the full year, the company experienced favorable
development on prior accident years of $40.6 million, compared with $61.9 million in 2021. The Company attributes its lower claim severities for prior years to active claims handling.

---

| | |
|:---|:---|
| ![LOGO](g377200g43t93.jpg) | 2.0 |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• For the quarter ended December 31, 2022, the underwriting expense ratio was 26.4% compared with 24.7% in the
same quarter in 2021, as a result of lower earned premium and increased guaranty fund assessments. For the year ended December 31, 2022, the underwriting expense ratio was 26.5%, compared with 26.1% in 2021, largely due to lower earned premium
as underwriting and other expenses for the full year were largely unchanged.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The effective tax rate for the full year 2022 was 17.8% compared with 17.2% for 2021. The rate was slightly
higher than last year due to a decrease in the proportion of tax-exempt interest income relative to underwriting profit.

**INVESTMENT RESULTS** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended<br>December 31,** | **Three Months Ended<br>December 31,** | | **Twelve Months Ended<br>December 31,** | **Twelve Months Ended<br>December 31,** | |
|  | **2022** | **2021** |<br>**% Change** | **2022** | **2021** |<br>**% Change** |
|  | **(in thousands)** | **(in thousands)** | | **(in thousands)** | **(in thousands)** | |
|  Net investment income | $7642 | $6073 | 25.8% | $27223 | $25435 | 7.0% |
|  Net realized gains on investments (pre-tax) | 1038 | 205 | 406.3% | 3440 | 1695 | 102.9% |
|  Net unrealized gains (losses) on equity securities (pre-tax) | 4892 | 4289 | NM | (8092) | 12315 | NM |
|  Pre-tax investment yield | 3.1% | 2.2% |  | 2.7% | 2.3% |  |
|  Tax-equivalent yield (1) | 3.4% | 2.7% |  | 3.4% | 2.7% |  |

---

------

(1) The tax-equivalent yield is calculated using the effective interest
rate and the appropriate marginal tax rate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net investment income for the quarter ended and full year ended December 31, 2022 increased 25.8% to
$7.6 million and 7.0% to $27.2 million, respectively, due to higher yields on fixed income securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net unrealized gains on equity securities were $4.9 million in the fourth quarter. The full year loss of
($8.1) million is reflective of declines in the equity markets in the first half of the year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• As of December 31, 2022, the carrying value of AMERISAFE's investment portfolio, including cash and
cash equivalents, was $1.0 billion.

---

| | |
|:---|:---|
| ![LOGO](g377200g43t93.jpg) | 3.0 |

---

------

**CAPITAL MANAGEMENT** 

In an accompanying announcement, the Company's Board of Directors increased the regular quarterly dividend by 6.5% from $0.31 per share to $0.34 per share, payable on March 24, 2023, to shareholders of record as of March 10, 2023.

**NON-GAAP FINANCIAL MEASURES** 

This release contains non-GAAP financial measures within the meaning of Regulation G promulgated by the U.S. Securities and Exchange Commission (the SEC) and includes a reconciliation of non-GAAP financial measures to the most directly comparable financial measures calculated in accordance with GAAP in the Supplemental Information in this release.

Management believes that investors' understanding of core operating performance is enhanced by AMERISAFE's disclosure of these financial measures which include operating net income, operating return on average adjusted equity and operating earnings per share.

---

| | |
|:---|:---|
| ![LOGO](g377200g43t93.jpg) | 4.0 |

---

------

**SUPPLEMENTAL INFORMATION** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Twelve Months Ended** | **Twelve Months Ended** |
|  | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
|  | **2022** | **2021** | **2022** | **2021** |
|  | **(in thousands, except share and per share data)** | **(in thousands, except share and per share data)** | **(in thousands, except share and per share data)** | **(in thousands, except share and per share data)** |
|  Net income | $20778 | $3541 | $55602 | $65756 |
|  Less: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains on investments | 1038 | 205 | 3440 | 1695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net unrealized gains (losses) on equity securities | 4892 | 4289 | (8092) | 12315 |
|  Tax effect (1) | (1245) | (944) | 977 | (2942) |
|  Operating net income (2) | $16093 | $(9) | $59277 | $54688 |
|  Average shareholders' equity (3) | $345226 | $439740 | $358378 | $419070 |
|  Less: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Average accumulated other comprehensive income (loss) | (16896) | 14262 | (146) | 17278 |
|  Average adjusted shareholders' equity (2) | $362122 | $425478 | $358524 | $401792 |
|  Diluted weighted average common shares | 19209279 | 19420757 | 19321717 | 19408619 |
|  Return on average equity (4) | 24.1% | 3.2% | 15.5% | 15.7% |
|  Operating return on average adjusted equity (2) | 17.8% | 0.0% | 16.5% | 13.6% |
|  Diluted earnings per share | $1.08 | $0.18 | $2.88 | $3.39 |
|  Operating earnings per share (2) | $0.84 | $— | $3.07 | $2.82 |

---

------

(1) The tax effect of net realized losses on investments and net unrealized gains (losses) on equity securities is
calculated with an effective tax rate of 21%.

(2) Operating net income, operating return on average adjusted equity and operating earnings per share are non-GAAP financial measures. Management believes that investors' understanding of core operating performance is enhanced by AMERISAFE's disclosure of these financial measures.

(3) Average shareholders' equity is calculated by taking the average of the beginning and ending
shareholders' equity.

(4) Return on average equity is calculated by dividing the annualized net income by the average shareholders'
equity.

---

| | |
|:---|:---|
| ![LOGO](g377200g43t93.jpg) | 5.0 |

---

------

**CONFERENCE CALL INFORMATION** 

AMERISAFE has scheduled a conference call for February 21, 2023, at 11:00 a.m. Eastern Time to discuss the results for the quarter and comment on future periods. To participate in the conference call, dial 323-701-0225 (Conference Code 3095655) at least ten minutes before the call begins.

Investors, analysts and the general public will also have the opportunity to listen to the conference call over the Internet by visiting the "Investor Relations Home" page of the "Investors" section of the Company's website (http://www.amerisafe.com). To listen to the live call on the web, please visit the website at least fifteen minutes before the call begins to register, download and install any necessary audio software. For those who cannot listen to the live webcast, an archive will be available shortly after the call at the same website location.

**ABOUT AMERISAFE** 

AMERISAFE, Inc. is a specialty provider of workers' compensation insurance focused on small to mid-sized employers engaged in hazardous industries, principally construction, trucking, logging and lumber, agriculture, and manufacturing. AMERISAFE actively markets workers' compensation insurance in 27 states.

---

| | |
|:---|:---|
| ![LOGO](g377200g43t93.jpg) | 6.0 |

---

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**FORWARD LOOKING STATEMENTS** 

Statements made in this press release that are not historical facts, including statements accompanied by words such as "will," "believe," "anticipate," "expect," "estimate," or similar words are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 regarding AMERISAFE's plans and performance. These statements are based on management's estimates, assumptions and projections as of the date of this release and are not guarantees of future performance and include statements regarding management's views and expectations of the workers' compensation market, the Company's growth opportunities, underwriting margins and actions by competitors. Actual results may differ materially from the results expressed or implied in these statements if the underlying assumptions prove to be incorrect or as the results of risks, uncertainties and other factors, including the impact of a pandemic on the business and operations of the Company and our policyholders and the market value of our investment portfolio. Additional factors that may affect our results are set forth in the Company's filings with the Securities and Exchange Commission, including AMERISAFE's Annual Report on Form 10-K. AMERISAFE cautions you not to place undue reliance on the forward-looking statements contained in this release. AMERISAFE does not undertake any obligation to publicly update or revise any forward-looking statements to reflect future events, information or circumstances that arise after the date of this release.

*- Tables to Follow -* 

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| | |
|:---|:---|
| ![LOGO](g377200g43t93.jpg) | 7.0 |

---

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**AMERISAFE, INC. AND SUBSIDIARIES** 

**Consolidated Statements of Income** 

**(in thousands)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Twelve Months Ended** | **Twelve Months Ended** |
|  | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
|  | **2022** | **2021** | **2022** | **2021** |
|  | **(unaudited)** | | **(unaudited)** | |
|  **Revenues:** |  |  |  |  |
|  Gross premiums written | $55647 | $55871 | $276110 | $278294 |
|  Ceded premiums written | (2690) | (3059) | (10527) | (10469) |
|  Net premiums written | $52957 | $52812 | $265583 | $267825 |
|  Net premiums earned | $66073 | $67733 | $271698 | $275993 |
|  Net investment income | 7642 | 6073 | 27223 | 25435 |
|  Net realized gains on investments | 1038 | 205 | 3440 | 1695 |
|  Net unrealized gains (losses) on equity securities | 4892 | 4289 | (8092) | 12315 |
|  Fee and other income | 116 | 81 | 468 | 496 |
|  Total revenues | 79761 | 78381 | 294737 | 315934 |
|  **Expenses:** |  |  |  |  |
|  Loss and loss adjustment expenses incurred | 36524 | 59197 | 152316 | 160798 |
|  Underwriting and other operating costs | 17421 | 16714 | 72032 | 72051 |
|  Policyholder dividends | 182 | 515 | 2699 | 3715 |
|  Provision for investment related credit loss expense (benefit) | (16) | 23 | 44 | (79) |
|  Total expenses | 54111 | 76449 | 227091 | 236485 |
|  Income before taxes | 25650 | 1932 | 67646 | 79449 |
|  Income tax expense | 4872 | (1609) | 12044 | 13693 |
|  Net income | $20778 | $3541 | $55602 | $65756 |

---

---

| | |
|:---|:---|
| ![LOGO](g377200g43t93.jpg) | 8.0 |

---

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**AMERISAFE, INC. AND SUBSIDIARIES** 

**Consolidated Statements of Income (cont.)** 

**(in thousands, except per share amounts)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Twelve Months Ended** | **Twelve Months Ended** |
|  | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
|  | **2022** | **2021** | **2022** | **2021** |
|  | **(unaudited)** | | **(unaudited)** | |
|  <u>Basic EPS:</u> |  |  |  |  |
|  Net income | $20778 | $3541 | $55602 | $65756 |
|  Basic weighted average common shares | 19131271 | 19345324 | 19233241 | 19332391 |
|  Basic earnings per share | $1.09 | $0.18 | $2.89 | $3.40 |
|  <u>Diluted EPS:</u> |  |  |  |  |
|  Net income | $20778 | $3541 | $55602 | $65756 |
|  Diluted weighted average common shares: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Weighted average common shares | 19131271 | 19345324 | 19233241 | 19332391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restricted stock and restricted stock units | 78008 | 75433 | 88476 | 76228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diluted weighted average common shares | 19209279 | 19420757 | 19321717 | 19408619 |
|  Diluted earnings per share | $1.08 | $0.18 | $2.88 | $3.39 |

---

---

| | |
|:---|:---|
| ![LOGO](g377200g43t93.jpg) | 9.0 |

---

------

**AMERISAFE, INC. AND SUBSIDIARIES** 

**Consolidated Balance Sheets** 

**(in thousands)** 

---

| | | |
|:---|:---|:---|
|  | **December 31,**<br>**2022** | **December 31,**<br>**2021** |
|  | **(unaudited)** | |
|  **Assets** |  |  |
|  Investments | $888987 | $1012571 |
|  Cash and cash equivalents | 61469 | 70722 |
|  Amounts recoverable from reinsurers | 125677 | 120561 |
|  Premiums receivable, net | 121713 | 135100 |
|  Deferred income taxes | 22794 | 14384 |
|  Deferred policy acquisition costs | 17401 | 17059 |
|  Other assets | 31238 | 32327 |
|  | $1269279 | $1402724 |
|  **Liabilities and Shareholders' Equity** |  |  |
|  Liabilities: |  |  |
|  Reserves for loss and loss adjustment expenses | $696037 | $745278 |
|  Unearned premiums | 114976 | 121092 |
|  Insurance-related assessments | 17653 | 16850 |
|  Other liabilities | 123181 | 120181 |
|  Shareholders' equity | 317432 | 399323 |
|  Total liabilities and shareholders' equity | $1269279 | $1402724 |

---

\# \# \#

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| | |
|:---|:---|
| ![LOGO](g377200g43t93.jpg) | 10.0 |

---

## Exhibit 99.2

**Exhibit 99.2** 

---

| | |
|:---|:---|
| ![LOGO](g377200g0221203854574.jpg) | ![LOGO](g377200g0221203854199.jpg) <br>**Andy Omiridis, EVP & CFO** <br> AMERISAFE <br> 337.463.9052  |

---

**AMERISAFE INCREASES DIVIDEND BY 9.7%** 

*Increases Quarterly Dividend from $0.31 to $0.34 per Share*

DeRidder, LA – February 21, 2023 - AMERISAFE, Inc. (**Nasdaq: AMSF**), a specialty provider of workers' compensation insurance focused on high hazard industries, today announced that its Board of Directors has increased the quarterly dividend by 9.7%, from $0.31 to $0.34 per share.

The Board of Directors declared a quarterly cash dividend of $0.34 per share, payable on March 24, 2023 to shareholders of record as of March 10, 2023.

The Company began paying dividends in 2013. Since that time, the Company has paid $38.03 in dividends per share, comprising $8.28 in regular dividends and $29.75 in special dividends.

Additional information on the Company's fourth quarter and 2022 full year earnings can be found in AMERISAFE's accompanying earnings release issued today.

**ABOUT AMERISAFE** 

AMERISAFE, Inc. is a specialty provider of workers' compensation insurance focused on small to mid-sized employers engaged in hazardous industries, principally construction, trucking, logging and lumber, agriculture, and manufacturing. AMERISAFE actively markets workers' compensation insurance in 27 states.