AMERISAFE, Inc. (AMSF) has reported 44.25 percent plunge in profit for the quarter ended Mar. 31, 2017. The company has earned $13.52 million, or $0.70 a share in the quarter, compared with $24.26 million, or $1.27 a share for the same period last year.
Revenue during the quarter dropped 4.68 percent to $97.54 million from $102.34 million in the previous year period. Net premium earned for the quarter declined 5.26 percent or $5.05 million to $90.91 million. During the quarter, the company has written premium worth $92.69 million on net basis, down 5.26 percent or $5.14 million.
Total expenses move up
Benefits, losses and expenses for the quarter were at $78.81 million, or 86.69 percent of premium earned from $67.94 million or 70.80 percent of premium earned in the last year period. Operating income for the quarter was $18.73 million, compared with $34.40 million in the previous year period.
Net investment income was at $6.71 million for the quarter, up 11.02 percent or $0.67 million from year-ago period. The company has booked a loss on investments of $0.18 million in the quarter compared with a gain of $0.25 million for the previous year period.
Total assets stood at $1,536.54million as on Mar. 31, 2017. On the other hand, total liabilities were at $1,069.44 million as on Mar. 31, 2017.
Return on assets was at 0.88 percent in the quarter. At the same time, return on equity was at 2.90 percent in the quarter.
Investments stood at $1,107.27 million as on Mar. 31, 2017. Meanwhile, yield on investments was at 0.61 percent in the quarter.
Meanwhile, reinsurance recoverables stood at $82.90 million on Mar. 31, 2017.
Shareholders equity was at $467.10 million as on Mar. 31, 2017.
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