AMERISAFE, Inc. AMSF reported fourth-quarter 2020 earnings of $1.22 per share, which outpaced the Zacks Consensus Estimate by 52.5%. However, the bottom line declined 28.2% year over year.The company’s premiums partially benefited from payroll audits and related premium adjustments. However, its results were dampened by lower revenues and elevated costs.Quarter in DetailAMERISAFE’s operating revenues slumped 8.9% year over year to $82 million due to reduced net premiums earned and weak net investment income. Nevertheless, the top line surpassed the consensus mark by 1.6%.Gross premiums written declined 10.8% year over year to $63.1 million on account of softer voluntary premiums in policies stemming from persistent fall in approved loss costs across the company’s states of operation.Pre-tax underwriting profit of $22.1 million plunged 33.6% year over year.Net investment income fell 10% year over year to $7.2 million as a result of reduced interest rates on fixed income securities.Total expenses of $52.6 million escalated 7.3% from the prior-year quarter due to higher loss and loss adjustment expenses incurred, and underwriting and other operating costs.Net combined ratio of 70.4% deteriorated 1080 basis points (bps) year over year. AMERISAFE, Inc. Price, Consensus and EPS Surprise AMERISAFE, Inc. price-consensus-eps-surprise-chart | AMERISAFE, Inc. QuoteDividend HikeConcurrent with fourth-quarter 2020 earnings release, AMERISAFE’s board of directors approved a 7.4% rise in the quarterly dividend. The company will now pay out a dividend of 29 cents per share compared with the prior payout of 27 cents.The dividend will be paid out on Mar 26, 2021, to shareholders of record as of Mar 12.Financial UpdateThe company exited the fourth quarter with cash and cash equivalents of $61.8 million, which improved nearly 41% from the level at 2019 end.Total assets as of Dec 31, 2020 slid 1.5% to $1.5 billion from the level at 2019 end. Shareholders’ equity was $438.8 million, up 2% from 2019-end level.As of Dec 31, 2020, book value per share came in at $22.70, which grew 1.8% from the level at 2019 end. Operating return on average adjusted equity of 21.4% contracted 860 bps year over year.Full-Year UpdateFor 2020, the company’s revenues totaled $339.5 million, which fell 8.3% year over year. Full-year earnings per share was $4.25, which declined 7.6% year over year.Operating return on average adjusted equity for the year came in at 19.7%, which contracted 180 bps year over year.Zacks RankAMERISAFE carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Performance of Other InsurersOf the insurance industry players, which have reported fourth-quarter results so far, earnings of Aflac Incorporated AFL, Employers Holdings, Inc. EIG and MetLife, Inc. MET beat the respective Zacks Consensus Estimate.More Stock News: This Is Bigger than the iPhone!It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 77 billion devices by 2025, creating a $1.3 trillion market.Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 4 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2022.Click here for the 4 trades >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Aflac Incorporated (AFL): Get Free Report AMERISAFE, Inc. (AMSF): Get Free Report MetLife, Inc. (MET): Free Stock Analysis Report Employers Holdings Inc (EIG): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research