ProAssurance (PRA) Q4 Earnings Meet Estimates, Tumble Y/Y
Zacks Investment Research | Feb 21, 2019 10:40PM ET
ProAssurance Corporation’s (NYSE:PRA) fourth-quarter 2018 operating earnings per share of 18 cents were in line with the Zacks Consensus Estimate. Meanwhile, the bottom line plunged 67.3% year over year, mainly due to decrease in total revenues.
Quarterly operating revenues of ProAssurance reduced 14.2% to $179.5 million from the prior-year quarter’s level due to net realized investment losses. The top line missed the Zacks Consensus Estimate by 22.3%.
Quarterly Operational Update
Gross premiums written increased 10.4% year over year to $211.6 million, primarily banking on higher premiums across Segregated Portfolio Cell Reinsurance plus Lloyd's Syndicates and Workers' Compensation segments. Moreover, net premiums earned rose 10.4% year over year.
Net investment income declined nearly 7% year over year to $24.2 million.
Net realized investment losses of the company were $46.1 million, wider than the prior-year quarter’s figure of $2.4 million.
Total expenses escalated 24.7% year over year to $218 million. This rise in costs mainly stemmed from higher net loss and loss adjustment expenses.
ProAssurance Corporation Price, Consensus and EPS Surprise
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