Schedule II. Condensed Financial Information of Registrant

12 Months Ended

Dec. 31, 2021

AMERISAFE, INC.

CONDENSED BALANCE SHEETS

	December 31,
	2021		2020
	(in thousands)
Assets:
Investments:
Fixed maturity securities—held-to-maturity, at amortized cost net of allowance for credit losses of $0 in 2021 and 2020, (fair value $0, and $361 in 2021 and 2020, respectively)	$	—	$	361
Fixed maturity securities—available-for-sale, at fair value (amortized cost $19,650 and $7,210 in 2021 and 2020, respectively)		19,605		7,259
Equity securities, at fair value (cost $10,007 in 2021 and 2020)		14,092		11,503
Short-term investments		55,559		9,676
Investment in subsidiaries		290,077		384,774
Total investments		379,333		413,573
Cash and cash equivalents		18,825		23,562
Deferred income taxes		1,148		—
Notes receivable from subsidiaries		2,275		2,140
Property and equipment, net		2,003		1,605
Federal income tax recoverable		857		2,705
Other assets		1,295		1,420
Total assets	$	405,736	$	445,005
Liabilities and shareholders’ equity
Liabilities:
Accounts payable and other liabilities		6,413		6,095
Deferred income taxes		—		94
Total liabilities		6,413		6,189
Shareholders' equity (net of Treasury stock of $22,370 at December 31, 2021 and 2020)		399,323		438,816
Total liabilities and shareholders' equity	$	405,736	$	445,005

Schedule II. Condensed Financial Information of Registrant – (Continued)

AMERISAFE, INC.

CONDENSED STATEMENTS OF INCOME

	Year Ended December 31,
	2021			2020			2019
	(in thousands)
Revenues
Net investment income	$	896		$	944		$	915
Net unrealized gains (losses) on equity securities		2,590			(276	)		1,977
Fee and other income		8,541			9,122			5,352
Total revenues		12,027			9,790			8,244
Expenses
Other operating costs		8,541			9,122			8,244
Total expenses		8,541			9,122			8,244
Income before income taxes and equity in earnings of subsidiaries		3,486			668			—
Income tax expense (benefit)		(1,188	)		259			376
Gain (loss) before equity in earnings of subsidiaries		4,674			409			(376	)
Equity in net income of subsidiaries		61,083			86,193			93,066
Net income	$	65,757		$	86,602		$	92,690

Schedule II. Condensed Financial Information of Registrant – (Continued)

AMERISAFE, INC.

CONDENSED STATEMENTS OF CASH FLOWS

	Year Ended December 31,
	2021			2020			2019
	(in thousands)
Operating activities
Net cash provided by operating activities	$	6,622		$	6,012		$	2,333
Investing activities
Purchases of investments		(87,289	)		(10,982	)		(27,140	)
Proceeds from sales of investments		28,780			18,970			1,987
Purchases of property and equipment		(1,277	)		(764	)		(995	)
Dividends from subsidiary		148,400			88,600			115,900
Net cash provided by investing activities		88,614			95,824			89,752
Financing activities
Proceeds from stock option exercises		—			—			20
Finance lease purchases		(44	)		(50	)		(47	)
Dividends to shareholders		(99,929	)		(88,775	)		(87,016	)
Net cash used in financing activities		(99,973	)		(88,825	)		(87,043	)
Change in cash and cash equivalents		(4,737	)		13,011			5,042
Cash and cash equivalents at beginning of year		23,562			10,551			5,509
Cash and cash equivalents at end of year	$	18,825		$	23,562		$	10,551