Amerisafe Inc (AMSF) 2026 Q1 法說會逐字稿

Good day, and welcome to the AMERISAFE first-quarter 2026 earnings call. Today's conference is being recorded.

大家好，歡迎參加 AMERISAFE 2026 年第一季財報電話會議。今天的會議將進行錄音。

At this time, I would like to turn the conference over to Kathryn Shirley, Chief Administrative Officer. Please go ahead.

此刻，我想將會議交給首席行政官 Kathryn Shirley。請開始。

Thank you, operator, and good afternoon, everyone. Welcome to the AMERISAFE 2026 first-quarter investor call. If you have not received the earnings release, it is available on our website at amerisafe.com. Today, 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.

謝謝，接線員，各位下午好。歡迎參加 AMERISAFE 2026 年第一季投資人電話會議。若您尚未收到財報新聞稿，可至我們的網站 amerisafe.com 取得。今天的會議將進行錄音。今天會議的重播將可供收聽。如何收聽重播的細節已載於財報新聞稿中。

During this call, we will be making forward-looking statements intended to fall within the Safe Harbor provided under the securities law. 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 proved to be incorrect or is the result of risks, uncertainties, and other factors, including factors discussed in the earnings release, in 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.

在本次會議中，我們將作出前瞻性陳述，旨在符合證券法所提供的「安全港」條款。這些陳述係基於目前的預期與假設，並可能受到各種風險與不確定性影響。若相關假設被證明不正確，或因風險、不確定性及其他因素所致（包括財報新聞稿、今天會議中的評論，以及我們向美國證券交易委員會提交之 Form 10-K、Form 10-Q 與其他報告及申報文件中的「風險因素」章節所討論的因素），實際結果可能與這些陳述所明示或暗示的結果有重大差異。我們不承擔更新任何前瞻性陳述的義務。

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

接下來我將把電話交給 AMERISAFE 總裁兼執行長 Janelle Frost。

Thank you, Kathryn, and good afternoon. We are pleased with our solid start to 2026 marked by continued growth, disciplined execution, and attractive underwriting performance. During the quarter, we grew net premiums earned by 9%. We also delivered a combined ratio of 93.2% and produced operating earnings of $0.50 per share. These results reflect steady operating momentum amongst the competitive backdrop facing the workers' compensation industry.

謝謝你，Kathryn，各位下午好。我們對 2026 年穩健的開局感到滿意，這反映在持續成長、紀律執行，以及具吸引力的核保表現上。本季我們的已賺淨保費成長 9%。我們也繳出 93.2% 的綜合比率，並創造每股 0.50 美元的營運盈餘。在工傷補償保險產業所面臨的競爭環境下，這些結果反映出穩定的營運動能。

The workers' compensation market remains competitive and continues to operate in a prolonged soft-pricing environment amid persistent industry headwinds, such as claims severity and economic uncertainty. At the same time, workers' compensation remains the most consistently profitable line within the P&C industry, supported by long-term claim development and stable capital structures.

工傷補償市場仍具競爭性，並在持續的產業逆風（例如理賠嚴重度與經濟不確定性）下，延續長期的疲弱定價環境。同時，工傷補償仍是產險（P&C）產業中最穩定獲利的險種，受惠於長期的理賠發展趨勢與穩健的資本結構。

In this environment, sustained success depends on appropriately priced risk selection and deep industry experience. At AMERISAFE, our differentiated approach to servicing high-hazard industries continues to support consistent returns across cycles. Our eighth-consecutive quarter of premium growth, continued improvement in our expense ratio, and favorable prior-year loss development underscore the strength of our operating model and the dedication of our team. We believe these fundamentals position us well to navigate current market conditions while continuing to create long-term value for our shareholders.

在此環境下，持續成功取決於適當定價的風險篩選與深厚的產業經驗。在 AMERISAFE，我們以差異化方式服務高危險產業，持續在各景氣循環中支持一致的報酬表現。我們連續第八季保費成長、費用率持續改善，以及有利的前期年度損失發展，凸顯我們營運模式的強韌與團隊的投入。我們相信，這些基本面使我們能妥善因應目前的市場狀況，同時持續為股東創造長期價值。

I'll now turn the call over to Vincent to walk through the details of our growth and underwriting performance for the quarter.

接下來我將把電話交給 Vincent，請他說明本季成長與核保表現的細節。

Thanks, Janelle. In the first quarter of 2026, gross premiums written were $88.5 million compared to $83.8 million in the first quarter of 2025, increasing 5.6%. Retention for policies for which we offered renewal was 92.4% in the quarter, and pricing remained strong, helping offset continued downward pressure in filed loss costs. New business opportunities continue to grow despite steady competition. Together, new and renewal voluntary premium increased 8.2% in the quarter, reflecting ongoing investments in distribution effectiveness in recognition of our commitment to delivering outstanding safety and claim services to our policyholders.

謝謝你，Janelle。2026 年第一季，簽單毛保費為 8,850 萬美元，相較 2025 年第一季的 8,380 萬美元，成長 5.6%。本季我們對提供續保的保單，其續保留存率為 92.4%，且定價仍然強勁，有助於抵銷已申報損失成本（filed loss costs）持續下行的壓力。儘管競爭持續，新業務機會仍在增加。本季新單與續保的自願性保費合計成長 8.2%，反映我們持續投資提升通路效能，以落實我們對保戶提供卓越安全與理賠服務的承諾。

In-force policy count increased 1.7% in the quarter and 9.5% since Q1 2025. Audit premium and related adjustments remained positive, adding $3.7 million in the quarter compared to $5 million in the first quarter of 2025. And net earned premiums were $75.1 million in the quarter growing 9% year over year.

在保單有效件數方面，本季增加 1.7%，較 2025 年第一季以來累計增加 9.5%。查核保費（audit premium）及相關調整仍為正數，本季增加 370 萬美元，相較 2025 年第一季為 500 萬美元。本季已賺淨保費為 7,510 萬美元，年增 9%。

While we don't usually comment on policyholder dividends, I do want to give some color since it was seemingly an outlier for this quarter. If you look at recent quarter history, you'll see that there is some variability in this ratio quarter to quarter, albeit in a relatively small range. In last year's first quarter, the dividend ratio was 0.9%, while in the subsequent quarter, Q2 2025, it was 1.8%. We have not changed our policyholder dividend strategy or plans, and this first-quarter result was within our expectations.

雖然我們通常不評論保戶股利，但我想補充一些背景，因為本季看起來似乎是個離群值。若您查看近期各季的歷史數據，會看到這個比率在各季之間確實有些波動，但範圍相對不大。去年第一季的股利比率為 0.9%，而在下一季，也就是 2025 年第二季，為 1.8%。我們並未改變保戶股利策略或計畫，而本季第一季的結果也在我們的預期之內。

In the few states where we do offer policyholder dividends as a competitive tool, the ultimate outcome depends upon individual policyholder experience for policies in the quarter being evaluated. With recent policy count growth, it is not unexpected that more policyholders could qualify for dividends.

在少數我們以保戶股利作為競爭工具的州，最終結果取決於被評估季度中各個保戶的個別經驗。隨著近期保單件數成長，更多保戶可能符合領取股利的資格，這並不令人意外。

And finally, back to the routine and update on payroll growth. We continue to see positive wage growth in our targeted classes of business, coming in at 4.5% for the quarter, while headcount change was essentially flat. We believe continued payroll growth across our targeted industries indicates relatively healthy business activity despite ongoing economic uncertainty. Further, payroll growth, and in particular, wage growth, can help offset ongoing pressure on rates, both from competition and filed loss costs.

最後，回到例行項目，更新薪資總額（payroll）成長情況。我們在目標業務類別中持續看到正向的薪資成長，本季為 4.5%，而人數（headcount）變動基本持平。我們認為，在持續的經濟不確定性下，目標產業的薪資總額持續成長，顯示商業活動相對健康。此外，薪資總額成長，尤其是薪資（wage）成長，可協助抵銷費率所承受的持續壓力，該壓力同時來自競爭與已申報損失成本。

That concludes the overview of premium results. I will hand the call back to Janelle for more information on claims, investments, and other financial metrics.

以上為保費結果的概述。我將把電話交回給 Janelle，請她提供更多關於理賠、投資及其他財務指標的資訊。

Thank you, Vince. Next quarter, I'll have the pleasure of passing the financial remarks off to Guillermo Ramos, our new CFO. Until then, bear with me one more time as I blend the financial results with other operational commentary.

謝謝你，Vince。下個季度，我將很高興把財務說明交給我們的新任財務長 Guillermo Ramos。在那之前，請再容我一次，讓我把財務結果與其他營運評論一併說明。

The current accident year loss ratio was 72% for the quarter, compared to 72% for the accident year 2025 at 12 months, but 71% at the first quarter of 2025. As we've discussed over the last two quarters, continued rate pressure and general high claim severity are creating modest upward pressure on the current accident year.

本季當年度事故年度（current accident year）損失率為 72%，相較之下，事故年度 2025 在滿 12 個月時為 72%，但在 2025 年第一季時為 71%。如同我們在過去兩個季度所討論的，持續的費率壓力與整體較高的理賠嚴重度，正對當年度事故年度造成溫和的上行壓力。

That said, large claim losses incurred can be lumpy. We ended the first quarter of the current accident year with no claims. With incurred value over $1 million, compared to two in the first quarter of accident year 2025. As for prior accident years, we had $7.6 million, or 10.1 points, of favorable development in the quarter, compared to $8.7 million, or 12.7 points, in the prior-year quarter, resulting in a net loss ratio of 61.9% for the quarter.

話雖如此，已發生的大額理賠損失可能會呈現不規則波動。我們在本事故年度第一季結束時沒有任何理賠。已發生金額超過100萬美元者為零，相較於2025事故年度第一季有兩件。至於先前事故年度，本季我們有760萬美元（或10.1個點）的有利發展，相較於去年同期為870萬美元（或12.7個點），使本季淨損失率為61.9%。

The impact of favorable prior-year development to the net loss ratio quarter over prior-year quarter is influenced by the growth in net premiums earned. To round out the combined ratio, total underwriting and other expenses were $22.3 million for the quarter, resulting in an expense ratio of 29.7% compared to 29.9% a year ago. This marks the third-consecutive quarter -- year-over-year improvement, reflecting disciplined expense management and continued operating leverage as our strategic growth initiatives drive growth in net premiums earned.

有利的前一年發展對淨損失率（本季相較去年同期）的影響，會受到已賺取淨保費成長的影響。為了補足綜合比率，本季總承保及其他費用為2,230萬美元，使費用率為29.7%，相較一年前為29.9%。這是連續第三季年對年改善，反映嚴謹的費用管理，以及在我們的策略性成長計畫推動已賺取淨保費成長下，持續展現營運槓桿。

During the first quarter of 2026, net income was $8.1 million or $0.43 per diluted share, while operating net income was $9.5 million or $0.50 per diluted share. This compares to net income of $8.9 million or $0.47 per diluted share and operating net income of $11.4 million or $0.60 per diluted share in the first quarter of 2025. The effective tax rate for the quarter was 19.8%, compared to 20.2% in the prior-year quarter.

2026年第一季，淨利為810萬美元或稀釋後每股0.43美元，而營運淨利為950萬美元或稀釋後每股0.50美元。相較之下，2025年第一季淨利為890萬美元或稀釋後每股0.47美元，營運淨利為1,140萬美元或稀釋後每股0.60美元。本季有效稅率為19.8%，相較去年同期為20.2%。

Turning to our investment portfolio. Net investment income decreased 0.8% to $6.6 million due to lower average investable assets. However, new money yields were favorable during the quarter, with the yield on new investments increasing 174 basis points in comparison to the portfolio roll-off, driving our tax equivalent yield to 3.9% or 7 basis points higher than the first quarter of 2025.

接著談我們的投資組合。由於平均可投資資產較低，淨投資收益下降0.8%至660萬美元。然而，本季新資金收益率表現有利，新投資收益率相較於投資組合到期/汰換部分提高174個基點，推動我們的稅前等值收益率達3.9%，較2025年第一季高7個基點。

Our portfolio remains high quality, carrying an average AA- credit rating and a duration of 4.4 years. Asset allocation was largely unchanged, with the portfolio composition being 61% municipal, 24% combined -- corporate bonds, 3% US treasuries and agencies, 7% equities, and 5% in cash.

我們的投資組合仍維持高品質，平均信用評等為AA-，存續期間為4.4年。資產配置大致不變，投資組合結構為：市政債61%、合計24%—公司債、3%美國公債與機構債、7%股票，以及5%現金。

Approximately 43% of our portfolio is designated as held to maturity during a net unrealized loss position of $7.9 million at quarter end. As a reminder, these held to maturity securities are carried at amortized costs, and therefore, unrealized gains and losses on these securities are not reflected in our book value.

約有43%的投資組合被指定為持有至到期，於季末處於790萬美元的淨未實現損失狀態。提醒一下，這些持有至到期證券以攤銷成本入帳，因此其未實現損益不會反映在我們的帳面價值中。

Also during the quarter, we repurchased nearly 120,000 shares of common stocks under the company's share repurchase program at an average cost of $33.60 per share for a total of $4 million. The remaining outstanding share repurchase authorization under the program as of March 31 is $12.9 million.

此外，本季我們在公司股票回購計畫下回購了近12萬股普通股，平均成本為每股33.60美元，總金額為400萬美元。截至3月31日，該計畫剩餘的回購授權額度為1,290萬美元。

Overall, our capital position is strong, supported by high-quality balance sheets, solid reserve position, and prudent investment strategy. At quarter end, we held approximately $774 million in cash and invested assets. Finally, a couple other topics. Book value per share at quarter end was $13.18, and we will file our 10-Q on Thursday, April 23, after market close.

整體而言，我們的資本部位強勁，並由高品質資產負債表、穩健的準備金水位及審慎的投資策略所支撐。季末我們持有約7.74億美元的現金及投資資產。最後，再談幾個其他主題。季末每股帳面價值為13.18美元，我們將於4月23日（週四）收盤後提交10-Q。

With that, we'll open the call up for questions.

接下來，我們開放提問。

(Operator Instructions) Mark Hughes, Truist.

（接線員指示）Truist 的 Mark Hughes。

Hey, good afternoon.

嗨，午安。

Good afternoon, Mark.

午安，Mark。

Janelle, how did you see inflation in the quarter? It sounds like the medical inflation, claims inflation, sounds like the large claims were negligible. But any observations? Yeah, any observations about any marginal changes?

Janelle，你怎麼看本季的通膨？聽起來醫療通膨、理賠通膨方面，大額理賠幾乎可以忽略不計。但你有什麼觀察嗎？對於任何邊際變化，有沒有什麼看法？

No. No marginal changes from what we talked about at year-end, Mark. Medical inflation is real. We are living it. We are reserving properly for it. I still feel -- I'll stick by what I said at year-end. I still feel fee schedules are doing their job and helping us contain costs. But I also think, NCCI recognizing last year, this time last year, that medical inflation was -- medical severity was up 6%, was eye-opening to the industry. I think CEOs have been talking about it for a while. And we're just a few weeks away from seeing what that number was for 2025 per NCCI as well. So I would expect that there's continued pressure on medical inflation industry-wide, not just with our severe claims.

沒有。沒有任何邊際變化，和我們在年末談到的情況一致，Mark。醫療通膨是真實存在的。我們正在承受它。我們也已為此適當提列準備金。我仍然覺得——我會維持我在年末所說的。我仍然認為費率表（fee schedules）正在發揮作用，幫助我們控制成本。但我也認為，NCCI 去年、也就是去年這個時候指出醫療通膨——醫療嚴重度上升6%，對整個產業而言是個警訊。我想執行長們已經談這件事一段時間了。而我們也只剩幾週就會看到 NCCI 對2025年的數字。因此我預期醫療通膨在全產業仍會持續承壓，不僅僅是在我們的重大理賠上。

Yeah. What do you think they'll say? I guess, our observation was it seemed like 2024 and 2025 were not starting off in as good a shape as some of the older accident years. Do you have any observations about what you've seen in the industry data?

了解。你覺得他們會怎麼說？我想，我們的觀察是，2024和2025事故年度的起步狀況似乎不如一些較早的事故年度。你對你在產業數據中看到的情況有什麼觀察嗎？

Yeah, it's a great point, Mark. I think when you look at -- even NCCI last year in their data had -- each accident year combined ratio seemed to be worsening, getting closer and closer to that 100% combined ratio for the industry. So I mean, I think industry-wide, we're seeing a deterioration in those results. And you're right, accident year '24 and '25 for the industry as a whole, I think there is definitely pressure there.

是的，你提得很好，Mark。我認為當你看——甚至 NCCI 去年在其數據中顯示——各事故年度的綜合比率似乎都在惡化，愈來愈接近產業100%的綜合比率。所以我意思是，我認為在全產業範圍內，我們看到這些結果正在走弱。而你說得對，就整體產業而言，事故年度2024與2025確實明顯面臨壓力。

But when you're talking 12 years of declining rates, I think that's a natural progression, right, that there's going to be pressure there. Even though frequency for the industry has continued to go down, medical inflation and the severity on claims has picked up. But I mean -- and the declining rate environment. So I think there's going to be continued pressure for the industry on those accident year combined ratios. So it'd be very interesting to see on an accident year basis.

但當你談到12年的費率下行，我認為這是一個自然的演進，對吧，壓力勢必會出現。即使產業的出險頻率持續下降，醫療通膨與理賠嚴重度卻已上升。再加上——以及費率下行的環境。因此我認為產業在這些事故年度綜合比率上將持續承壓。所以按事故年度來看，將會非常值得關注。

What those projections are reported versus, I guess, projected, but also how much that affects the calendar year, like how much favorable development the industry has experienced from older accident years, to your point that, those accident years '22 and prior versus what's developing or what emerges we've seen out of '24 and '25.

這些預測是如何被呈報的（相較於我想是預估的），以及這對曆年結果的影響有多大；例如，正如你所說，產業在較早的事故年度上經歷了多少有利發展——也就是那些 2022 年及以前的事故年度，相較於我們在 2024 年與 2025 年所看到的發展或新出現的情況。

Yeah. How about the NCCI loss costs, I think you've shared kind of the recent experience and some of the updates you've been getting. What does that trend look like?

是的。那 NCCI 的損失成本呢？我想你已經分享了近期的經驗以及你收到的一些更新。那個趨勢看起來如何？

Hey, Mark, this is Vince. We're still looking at mid-single-digit decreases for the year. Most states have already put in their filings for 2026. Just to give you some sense of the range, in our five biggest states, they range from down almost 9% to down 1.2% and everything in between with a few outliers.

嗨，Mark，我是 Vince。我們仍然預期今年會是中個位數的下降。大多數州都已經提交了 2026 年的費率申報。為了讓你了解區間，在我們最大的五個州，降幅從接近 9% 到下降 1.2% 不等，中間都有，另外還有少數離群值。

Understood. And then, Janelle, I don't know if you gave any specifics on payroll. I think you might have done that in the past, kind of payroll growth or headcount growth, any statistics there you can share?

了解。另外，Janelle，我不確定你是否有提供薪資（payroll）的具體數字。我想你過去可能有提過，例如薪資成長或人頭數成長，有沒有什麼統計可以分享？

Hey, Vince, I'm going to jump in for Janelle. I've got it right in front of you. We're seeing payroll growth across all of our major classes to varying degrees, but it's predominantly wage growth, as we mentioned in the prepared remarks. Headcount growth has been flat to slightly down different quarters. It varies quite a bit, but across all industries, payroll growth continues to be positive.

嗨，Vince，我來替 Janelle 回答。我這裡就有資料。我們在所有主要職類都看到不同程度的薪資總額成長，但主要是薪資水準上升，正如我們在事先準備的講稿中提到的。人頭數成長在不同季度持平到略為下降。差異相當大，但整體而言，各產業的薪資總額成長仍然為正。

Understood. Okay. Thank you very much.

了解。好的。非常感謝。

Thank you, Mark.

謝謝你，Mark。

(Operator Instructions) David Samar, Citizens JMP.

(接線員指示) David Samar，Citizens JMP。

Hi, this is David on for Matt. Just had one question. For the voluntary premium growth, are there any certain industries or areas of the market that are driving growth more than others right now?

嗨，我是 David，代 Matt 提問。只有一個問題。關於自願性保費（voluntary premium）成長，目前是否有特定產業或市場領域比其他更能帶動成長？

No. I would say it's been pretty steady across our book of business, which is one of the things that we've actually been happy to see as we've had these strategic initiatives to grow policy count and to grow premium, that the changes that we've made have been serving us across industries, across states. In other words, we don't see pockets of what's working here, it's not working there. It's been pretty prolific throughout the book of business.

沒有。我會說我們的業務組合整體相當穩定；這也是我們很高興看到的一點。因為我們推動這些策略性措施來增加保單數並提升保費，而我們所做的調整在各產業、各州都對我們有幫助。換句話說，我們沒有看到某些區塊在這裡有效、在那裡無效。它在整個業務組合中都相當普遍。

So even if you look at the 10-K last year, which last year was when our growth initiatives really started taking root in terms of the numbers we reported, if you look at the 10-K and the shift between industry groups or even the shifts among the states, there's really not a lot of change, '25 over '24, and that held true in the first quarter as well.

所以即使你去看去年 10-K，去年正是我們的成長措施在我們所呈報的數字上真正開始扎根的時候；如果你看 10-K 裡產業群組之間的變化，甚至各州之間的變化，其實變動不大，2025 相較 2024 並沒有太多改變，而第一季也同樣如此。

Thank you.

謝謝。

Bob Farnam, Brean Capital.

Bob Farnam，Brean Capital。

Hey, there. Good afternoon. Just one question on -- I have one broad question and one specific question. So the specific question is you talked about the duration of your assets, four years. I'm just -- it's a little over four years. So I just wanted to know kind of how does that compare to the duration of your liabilities?

嗨，你好。下午好。只有一個問題——我有一個比較宏觀的問題和一個比較具體的問題。具體的問題是，你提到你的資產存續期間（duration）是四年。我只是——是略高於四年。所以我想了解，這和你們負債的存續期間相比大概如何？

Great question. Yeah. So our average duration on our portfolio are -- on our liabilities is between three and four years. And so, as you know --

好問題。是的。我們負債的平均存續期間大約在三到四年之間。所以，如你所知--

Okay, which is surprising.

好的，這有點令人意外。

I'm sorry, go ahead.

抱歉，你繼續。

Yeah, no, I said that's kind of surprising. People think of already, workers comp writer would have a longer duration of claims, so is it?

是的，不，我是說這有點令人意外。大家會覺得，工傷保險承保人（workers comp writer）的理賠存續期間應該更長，所以是嗎？

Yeah, I appreciate you asking. It's one of my favorite subjects. So the way we handle claims is -- thank you, Rob. The way we handle claims is different than the industry. We really focus on -- I've talked about this numerous times, but our high-touch model involves our claims adjusters getting in quickly, establishing relationships, getting those reserves put up quickly, and then working with our injured workers, working with medical providers, finding ways to close and settle these claims as quickly as we can to the benefit of the injured worker, to the benefit of the policyholder, and ultimately to the benefit of AMERISAFE.

是的，謝謝你問這個。這是我最喜歡的主題之一。所以我們處理理賠的方式——謝謝你，Rob。我們處理理賠的方式和業界不同。我們非常重視——我已經多次談過——我們的高接觸（high-touch）模式，會讓理賠人員迅速介入、建立關係、快速提列準備金，然後與受傷員工合作、與醫療提供者合作，找出方法盡可能快速結案與和解；這對受傷員工有利、對保戶有利，最終也對 AMERISAFE 有利。

And that helps shorten our duration on our claims, on these severe claims. So we know that we're lower than the average bear, as they say in the industry, but that's part of our operating model, and that's how we manage claims.

而這有助於縮短我們在理賠上的存續期間，尤其是這些重大理賠。所以我們知道，正如業界所說，我們比平均水準還低，但這是我們營運模式的一部分，也是我們管理理賠的方式。

Cool. All right. And the broader one, I've been covering workers' comp for quite a while. You obviously have as well. And I would have said maybe five or six years ago, I thought that frequency would have bottomed. And here we go. And here we -- if here we could go, we'd be like, all right, frequency's done again. When is this going to end? And what do you think is driving? You can only do so much safety and risk services, things like that. I just don't know where it's at the bottom.

很酷。好。再來是比較宏觀的問題：我研究工傷保險已經很久了。你顯然也是。我可能在五、六年前會說，我以為出險頻率（frequency）已經觸底了。結果又來了。而現在——如果照這樣走下去——我們又會說，好吧，頻率又結束了。這到底什麼時候會結束？你覺得是什麼在驅動？你在安全與風險服務等方面能做的也有限。我只是看不出底部在哪裡。

I would agree with you, Bob. Because I guess, partly in degree it matters on how you're measuring frequency, right? So if you're measuring it per $1 million of payroll or $1 million of premium. But either way you look at it right now, it's still on the decline.

我同意你，Bob。因為我想，某種程度上取決於你如何衡量出險頻率，對吧？例如以每 100 萬美元薪資總額或每 100 萬美元保費來衡量。但不管你用哪種方式看，目前它仍在下降。

A couple of things I think factor into that. I agree with you. Is the workplace safer? Absolutely. I think the mix of jobs that we have, also, the fact that our economy is shifting is more towards services. I think that impacts the overall frequency because again, you're talking broadly not just what a mirror say price but broadly, right?

我認為有幾個因素會影響到這點。我同意你的看法。工作場所是否更安全？絕對是。我認為我們所擁有的工作組合，以及我們的經濟正更多轉向服務業這個事實。我認為這會影響整體發生頻率，因為你談的是更廣泛的層面，不只是像你說的價格，而是更廣泛的，對吧？

I think the type of jobs, the types of workforce that we have that's somewhat influencing that number if you look at -- if you're looking at really long-term trends, I think our economy has shifted more from manufacturing and those types of jobs to more service-related jobs, so that kind of, I think, that's contributing somewhat to the frequency.

我認為我們所擁有的工作類型、勞動力結構，在某種程度上正在影響那個數字；如果你看——如果你在看非常長期的趨勢，我認為我們的經濟已經從製造業及那類工作，更多轉向服務相關的工作，所以我覺得這在某種程度上正在促成發生頻率下降。

But I happen to agree with you. If you had asked me three or four years ago, even for the industry, not even talking about a specific for the industry, I would have said, well, it's got to reach them at some point. I mean, people are going to have accidents. We're all human. But yet, whether you're measuring it on payroll or premium, as of now, it's down.

但我碰巧同意你的看法。如果你在三、四年前問我，即便是就整個產業而言，甚至不談特定公司、只談產業，我會說，嗯，它總有一天會觸底。我的意思是，人們總會發生意外。我們都是人。但然而，無論你是以薪資總額或保費來衡量，截至目前，它都在下降。

Yeah, I just remember talking about it a long time ago, saying, yeah, frequency can't drop down to zero, so it's got to end at some point. Yeah, you guys keep --

是啊，我只記得很久以前談過，說是啊，發生頻率不可能降到零，所以它總有一天會結束。是啊，你們一直--

I always appreciate when people remember when I'm wrong. Yes, you're right.

我一向很感謝有人記得我什麼時候說錯。是的，你說得對。

All right, that's it for me. Thanks for your call.

好，那我就到這裡。謝謝你的來電。

Thanks, Bob.

謝謝你，Bob。

Mark Hughes, Truist.

Mark Hughes，Truist。

Yeah. Janelle, you all have been doing very well on the top-line growth. And if you touched on this earlier in the call, forgive me, but I think I've asked before about how sustainable this is, whether some initiatives you put in place and kind of have potentially run their course or whether there's always something new and you continue to bear fruit with your distribution strategies. So I'm just sort of curious if there's any remarks you have about kind of what's keeping the momentum going forward?

是的。Janelle，你們在營收端（top-line）的成長表現一直非常好。如果你在電話會議前面已經提到這點，請見諒，但我想我之前問過這樣的問題：這種成長有多可持續？你們推動的一些措施是否可能已經跑完一輪、效益逐漸消退？還是說總會有新的作法，你們的通路策略會持續開花結果？所以我只是想請教，你對於未來動能如何延續，有沒有什麼看法？

Yeah, let me start with the team here at AMERISAFE is executing. We -- and I've talked about this before, three years ago, probably at this point, dating back maybe longer now, we started putting together this growth strategy and how we wanted to be very thoughtful and very measured about that growth strategy. And the team here is just executing. And the fact that -- to the question earlier, the fact that it's been prolific across our industry classes, across our state, I totally believe it is sustainable.

好的，我先從這點開始：AMERISAFE 這邊的團隊正在落實執行。我們——我以前也談過，三年前，大概就是那個時間點，甚至可能更早，我們開始擬定這個成長策略，以及我們希望如何以非常審慎、非常有節制的方式來推動這個成長策略。而這裡的團隊就是在執行。而且——回到先前的問題，這樣的成長在我們的各個產業類別、各個州都很顯著，我完全相信這是可持續的。

Is it linear? No. But, we're shooting for that mid-single-digit range, and we've been hitting that. And I -- like I said, kudos to the AMERISAFE employees for really executing and taking this idea of adding small incremental growth and not changing our risk profile and sticking to our knitting and being who we want to be and executing on that. Kudos to them for executing on that. So I truly believe that is sustainable. The momentum is there, the attitude is there, the strategy is there.

它是線性的嗎？不是。但我們的目標是中個位數的區間，而我們一直達成。而且我——如我所說，要稱讚 AMERISAFE 的員工，因為他們確實在執行：採取小幅、逐步的增量成長，不改變我們的風險輪廓，堅守本業，做我們想成為的樣子，並把它落實。要稱讚他們在這方面的執行。所以我真心相信這是可持續的。動能在、態度在、策略也在。

Yeah. And this is a trivial question, but why did you move the call to the afternoon?

是的。這是個瑣碎的問題，但你們為什麼把電話會議改到下午？

Great question. Actually, scheduling conflict. So thank you for asking. I apologize if it is an inconvenient.

好問題。其實是行程衝突。所以謝謝你提出。如果造成不便，我很抱歉。

Yeah. Okay. So next time it'll be 10:30 again.

是的。好。所以下次又會回到 10:30。

Yes, we will go back to our normal schedule.

是的，我們會回到正常的時間安排。

Yeah. Okay. All right. Very good. Thank you.

是的。好。好吧。很好。謝謝。

You're welcome.

不客氣。

Thank you. And this concludes today's question-and-answer session. I would now like to turn the call back to Janelle Frost, CEO, for closing comments.

謝謝。以上為今天的問答環節。現在我想把電話會議交回給執行長 Janelle Frost 作結語。

Thoughtful and measured growth with pricing adequacy continues to be the anchor for our performance, even amidst the competitive pressures of the workers' compensation market. Our results this quarter reflect the strength of these fundamentals, supported by a strong balance sheet that positions the AMERISAFE well across the market. We remain confident in our strategy and committed to consistent execution to deliver sustainable underwriting profitability and long-term shareholder value.

在工傷保險市場競爭壓力之下，以審慎且有節制的成長、並確保定價充足性，仍是我們績效的核心支柱。本季的結果反映了這些基本面的強勁，並有強健的資產負債表作為支撐，使 AMERISAFE 在整體市場中具備良好定位。我們對策略仍充滿信心，並致力於持續一致地執行，以實現可持續的核保獲利能力與長期股東價值。

Thank you for joining us today.

感謝各位今天加入我們。

This does conclude today's call. Thank you for your participation. You may now disconnect.

今天的電話會議到此結束。感謝各位的參與。您現在可以掛線。