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Proassurance Corp (PRA) SEC Filing 10-Q Quarterly report for the period ending Saturday, June 30, 2018

Proassurance Corp

CIK: 1127703 Ticker: PRA


NEWS RELEASE
For More Information:
Frank B. O’Neil, IRC
Sr. Vice President, Corporate Communications & Investor Relations
800-282-6242 • 205-877-4461 • FrankONeil@ProAssurance.com


pralogoa01a01a24.jpg


ProAssurance Reports Results for Second Quarter 2018
BIRMINGHAM, AL – (PRNewswire) – August 7, 2018 – ProAssurance Corporation (NYSE: PRA) reports the following results for the three and six months ended June 30, 2018:
Consolidated Income Statement Highlights ($ in thousands, except per share data)
 
Three Months Ended June 30
 
Six Months Ended June 30
 
2018
 
2017
 
% Change
 
2018
 
2017
 
% Change
Revenues
 
 
 
 
 
 
 
 
 
 
 
Gross premiums written*
$
242,900

 
$
206,240

 
17.8
%
 
$
485,910

 
$
437,585

 
11.0
%
Net premiums written
$
207,769

 
$
175,651

 
18.3
%
 
$
422,901

 
$
379,878

 
11.3
%
Net premiums earned
$
223,591

 
$
180,353

 
24.0
%
 
$
410,750

 
$
363,256

 
13.1
%
Net investment income
$
22,384

 
$
22,677

 
(1.3
%)
 
$
44,411

 
$
45,863

 
(3.2
%)
Equity in earnings (loss) of unconsolidated subsidiaries
$
5,380

 
$
2,516

 
113.8
%
 
$
7,019

 
$
4,324

 
62.3
%
Net realized investment gains (losses)
$
2,795

 
$
(2,219
)
 
226.0
%
 
$
(9,722
)
 
$
11,061

 
(187.9
%)
Other income (expense)*
$
2,044

 
$
2,250

 
(9.2
%)
 
$
4,767

 
$
4,071

 
17.1
%
Total revenues*
$
256,194

 
$
205,577

 
24.6
%
 
$
457,225

 
$
428,575

 
6.7
%
Expenses
 
 
 
 
 
 
 
 
 
 
 
Net losses and loss adjustment expenses
$
161,728

 
$
115,550

 
40.0
%
 
$
291,515

 
$
234,701

 
24.2
%
Underwriting, policy acquisition and operating expenses*
$
59,611

 
$
57,885

 
3.0
%
 
$
116,969

 
$
114,994

 
1.7
%
Total expenses*
$
228,082

 
$
186,391

 
22.4
%
 
$
420,679

 
$
369,159

 
14.0
%
Income tax expense (benefit)
$
(311
)
 
$
(332
)
 
6.3
%
 
$
(3,733
)
 
$
(1,557
)
 
(139.8
%)
Net income
$
28,423

 
$
19,518

 
45.6
%
 
$
40,279

 
$
60,973

 
(33.9
%)
Non-GAAP operating income
$
25,953

 
$
21,357

 
21.5
%
 
$
47,440

 
$
54,758

 
(13.4
%)
Weighted average number of common shares outstanding
 
 
 
 
 
 
 
 
 
 
 
Diluted
53,741

 
53,607

 
0.2
%
 
53,716

 
53,571

 
0.3
%
Earnings per share
 
 
 
 
 
 
 
 
 
 
 
Net income per diluted share
$
0.53

 
$
0.36

 
47.2
%
 
$
0.75

 
$
1.14

 
(34.2
%)
Non-GAAP operating income per diluted share
$
0.48

 
$
0.40

 
20.0
%
 
$
0.88

 
$
1.02

 
(13.7
%)
* Consolidated totals include inter-segment eliminations. The eliminations affect individual line items only and have no effect on net income.
 See Note 13 of the Notes to Condensed Consolidated Financial Statements in the June 30, 2018 Form 10-Q for amounts by line item.
Consolidated Key Ratios
 
Three Months Ended June 30
 
Six Months Ended June 30
 
2018
 
2017
 
2018
 
2017
Current accident year loss ratio
82.5
%
 
80.2
%
 
82.1
%
 
80.5
%
Effect of prior accident years’ reserve development
(10.2
%)
 
(16.1
%)
 
(11.1
%)
 
(15.9
%)
Net loss ratio
72.3
%
 
64.1
%
 
71.0
%
 
64.6
%
Expense ratio
26.7
%
 
32.1
%
 
28.5
%
 
31.7
%
Combined ratio
99.0
%
 
96.2
%
 
99.5
%
 
96.3
%
Operating ratio
89.0
%
 
83.6
%
 
88.7
%
 
83.7
%
Return on equity*
7.2
%
 
4.3
%
 
5.1
%
 
6.7
%
* Quarterly computations of ROE are annualized

- more -    Page: 1

The following information was filed by Proassurance Corp (PRA) on Tuesday, August 7, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Proassurance Corp's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Condensed Consolidated Balance Sheets (Unaudited)
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical)
Condensed Consolidated Statements Of Cash Flows (Unaudited)
Condensed Consolidated Statements Of Changes In Capital (Unaudited)
Condensed Consolidated Statements Of Income And Comprehensive Income (Unaudited)
Basis Of Presentation
Basis Of Presentation (Narrative) (Details)
Basis Of Presentation (Other Liabilities) (Details)
Basis Of Presentation (Policies)
Basis Of Presentation (Tables)
Commitments And Contingencies
Commitments And Contingencies (Details)
Debt
Debt (Details)
Debt (Tables)
Derivatives
Derivatives (Narrative) (Details)
Derivatives (Pre-Tax Impact Of Change In Fair Value) (Details)
Derivatives (Tables)
Derivatives (Volume And Fair Value) (Details)
Earnings Per Share
Earnings Per Share (Details)
Earnings Per Share (Tables)
Fair Value Measurement
Fair Value Measurement (Assets And Liabilities Measured At Fair Value) (Details)
Fair Value Measurement (Investments In Llcs And Limited Partnerships Footnote) (Details)
Fair Value Measurement (Investments In Llcs And Limited Partnerships) (Details)
Fair Value Measurement (Level 3 Assets) (Details)
Fair Value Measurement (Methodologies Other Than Fair Value) (Details)
Fair Value Measurement (Narrative) (Details)
Fair Value Measurement (Quantitative Information Regarding Level 3 Valuations) (Details)
Fair Value Measurement (Tables)
Income Taxes
Income Taxes (Details)
Investments
Investments (Available For Sale Securities By Contractual Maturity) (Details)
Investments (Available-For-Sale Securities) (Details)
Investments (Credit Losses Recorded In Earnings) (Details)
Investments (Investments Held In A Loss Position) (Details)
Investments (Narrative) (Details)
Investments (Net Investment Income) (Details)
Investments (Net Realized Investment Gains (Losses)) (Details)
Investments (Sales And Purchases Of Available-For-Sale Securities) (Details)
Investments (Tables)
Investments (Unconsolidated Subsidiaries) (Details)
Investments Investments (Equity In Earnings (Loss) Of Unconsolidated Subsidiaries) (Details)
Reserve For Losses And Loss Adjustment Expenses
Reserve For Losses And Loss Adjustment Expenses (Details)
Reserve For Losses And Loss Adjustment Expenses (Tables)
Retroactive Insurance
Retroactive Insurance (Details)
Segment Information
Segment Information (Financial Data By Segment) (Details)
Segment Information (Gross Premiums Earned By Product And Reconciliation To Net Premiums) (Details)
Segment Information (Narrative) (Details)
Segment Information (Tables)
Shareholders' Equity
Shareholders' Equity (Aoci Reclassification) (Details)
Shareholders' Equity (Narrative) (Details)
Shareholders' Equity (Share-Based Compensation Expense And Related Tax Benefits) (Details)
Shareholders' Equity (Tables)
Variable Interest Entities
Variable Interest Entities (Details)
Ticker: PRA
CIK: 1127703
Form Type: 10-Q Quarterly Report
Accession Number: 0001706397-18-000010
Submitted to the SEC: Tue Aug 07 2018 4:18:13 PM EST
Accepted by the SEC: Tue Aug 07 2018
Period: Saturday, June 30, 2018
Industry: Fire Marine And Casualty Insurance

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