ProAssurance (PRA) Q3 Earnings, Revenues Beat Estimates
Zacks Investment Research | Nov 02, 2016 10:10PM ET
ProAssurance Corporation’s (NYSE:PRA) third-quarter 2016 operating earnings per share of 46 cents surpassed the Zacks Consensus Estimate of 45 cents by 2.2%. However, the bottom line declined 24.6% year over year due to higher expenses.
Operational Update
ProAssurance’s operating revenues inched up 0.1% year over year to $211.9 million on higher net premiums earned. The top line also surpassed the Zacks Consensus Estimate of $208 million.
Gross premiums written dipped 1.3% year over year to $232 million.
Net investment income was $25.3 million, down 6.2% year over year.
Total expense increased 10.4% year over year to $180.80 million. The rise in costs mainly stemmed from a 9.3% increase in net losses and loss adjustment expenses along with 4% higher underwriting, policy acquisition and operating expenses, both on a year-over-year basis.
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