Amerisafe, Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2017; Provides Tax Rate Guidance for the Year 2018
February 25, 2018
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Amerisafe, Inc. reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2017. For the quarter, the company reported total revenue of $94,937,000 compared to $98,558,000 a year ago. Income before taxes was $17,800,000 compared to $27,784,000 a year ago. Net income of was $649,000 or $0.03 per diluted share compared to $19,073,000 or $0.99 per diluted share a year ago. Return on average equity was 0.6% compared to 19.5% for the last year. Operating net income was $13,195,000 or $0.69 per share compared with $20,027,000 or $1.04 per share a year ago.
For the year, the company reported total revenue of $375,208,000 compared to $396,662,000 a year ago. Income before taxes was $82,240,000 compared to $112,821,000 a year ago. Net income was $46,231,000 or $2.40 per diluted share compared to $77,865,000 or $4.05 per diluted share a year ago. Return on average equity was 10.5% compared to 17.1% for the last year Operating net income was $59,272,000 or $3.08 per share compared with $78,186,000 or $4.07 per share a year ago. Book value per share as on December 31, 2017 was $22.10 compared to $23.72 per share as on December 31, 2016.
For the year 2018, the company expects to see substantial benefit for the new lower tax rate, as underwriting profits will now be taxed at 21% instead of 35%.
AMERISAFE, Inc. is an insurance holding company that provides workers compensation insurance. The Company is focused on the small to mid-sized employers engaged in hazardous industries, construction, trucking, logging and lumber, agriculture and manufacturing. Construction includes highway and bridge construction, building and maintenance of pipeline and powerline networks, excavation, commercial construction, roofing, iron and steel erection, tower erection and other specialized construction operations. Trucking includes contract haulers, regional and local freight carriers, special equipment transporters and other trucking companies. The Logging and Lumber includes tree harvesting, tree trimming, sawmills, and other operations associated with lumber and wood products. The Companyâs workers compensation insurance policies provide benefits to injured employees for, among other things, temporary or permanent disability, death, and medical and hospital expenses.
Amerisafe, Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2017; Provides Tax Rate Guidance for the Year 2018