AMERISAFE, Inc. (NASDAQ:AMSF) Q4 2023 Earnings Conference Call February 22, 2024 10:30 AM ET

Company Participants

Kathryn Shirley – Chief Administrative Officer

Janelle Frost – President and Chief Executive Officer

Andy Omiridis – Executive Vice President and Chief Financial Officer

Conference Call Participants

Matt Carletti – JMP Securities

Mark Hughes – Truist

Bob Farnam – Janney

Operator

Good day, and welcome to the AMERISAFE 2023 Fourth Quarter Earnings Conference Call. Today's conference is being recorded.

At this time, I'd like to turn the presentation over to Ms. Kathryn Shirley, Chief Administrative Officer. Please go ahead, ma'am.

Kathryn Shirley

Good morning. Welcome to the AMERISAFE 2023 fourth quarter investor call. If you have not received the earnings release, it is available on our website at amerisafe.com. This call is being recorded. A replay of today's call will be available. Details on how to access the replay are in the earnings release. During this call, we will be making forward-looking statements. These statements are based on current expectations and assumptions that are subject to various risks and uncertainties. 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 factors discussed in the earnings release and the comments made during today's call and in the Risk Factors section of our Form 10-K, Form 10-Q and other reports and filings with the Securities and Exchange Commission. We do not undertake any duty to update any forward-looking statements.

I will now turn the call over to Janelle Frost, AMERISAFE's President and CEO.

Janelle Frost

Thank you, Kathryn, and good morning, everyone. We are pleased to report solid operating earnings or results for both the fourth quarter and full year of 2023. For the year, we reported a combined ratio of 85.9%, gross premium written growth of 3.3% and operating ROE of 17.7%. These results come during a period in the workers' compensation industry of multiyear rate decreases, somewhat offset by recent wage inflation. Competition has not lessened as workers' compensation is one of the more profitable of the property and casualty lines. Remaining true to our disciplined approach of underwriting high-hazard risk while being responsive to our agents and caring for the needs of injured workers and their employers is evident in our consistent results year after year and serves all of our stakeholders.