Proassurance corporation (PRA)
Income statement / Quarterly
Mar'20Dec'19Sep'19Jun'19Mar'19Dec'18Sep'18Jun'18Mar'18Dec'17Sep'17Jun'17Mar'17Dec'16Sep'16Jun'16Mar'16Dec'15Sep'15Jun'15Mar'15Dec'14Sep'14Jun'14Mar'14Dec'13Sep'13Jun'13Mar'13Dec'12Sep'12Jun'12Mar'12Dec'11Sep'11Jun'11Mar'11Dec'10Sep'10Jun'10Mar'10Sep'09Jun'09
Revenues
Net premiums earned

203,855

214,446

215,788

209,149

208,149

202,033

206,070

223,591

187,159

182,972

192,303

180,353

182,903

193,695

185,275

176,732

177,579

164,872

182,085

175,293

171,899

174,670

177,028

176,303

171,730

129,391

133,598

130,352

134,578

155,614

127,125

131,266

136,659

161,648

134,627

137,063

132,077

139,982

130,300

125,398

123,427

131,956

127,744

Gross premiums written

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

158,998

98,522

157,178

168,559

111,612

Net premiums written

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

149,693

88,868

145,222

158,705

100,542

Premiums earned

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

140,802

135,933

134,272

143,477

139,182

Premiums ceded

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

10,502

10,535

10,845

11,521

11,438

Net investment income

20,830

23,231

23,681

23,539

22,818

24,207

23,266

22,384

22,027

26,070

23,729

22,677

23,186

24,728

25,261

24,583

25,440

26,459

26,942

27,955

27,304

32,770

32,830

30,225

29,732

29,983

33,889

33,267

32,126

34,182

33,910

34,510

33,492

34,382

34,116

36,297

36,161

36,032

35,639

37,081

37,628

38,573

39,697

Equity in earnings (loss) of unconsolidated subsidiaries

-1,562

-2,822

-1,277

-5,152

-810

-3,300

5,228

5,380

1,640

-455

4,164

2,516

1,808

845

-3,349

376

-3,634

-139

-221

2,420

1,622

1,218

298

719

1,751

11,039

-305

-2,972

-223

-2,791

211

-2,227

-2,066

-3,103

-2,264

-2,416

-1,364

-1,299

-1,281

839

2,986

1,637

119

Net realized investment gains (losses):
Impairment losses

1,817

-

-

-

136

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Portion of impairment losses recognized in other comprehensive income (loss) before taxes

654

-

-

-

87

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Net impairment losses recognized in earnings

1,200

-

-

-

49

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Other than Temporary Impairment Losses, Investments

-

-

66

0

-

-14

100

404

0

12,781

0

0

419

0

100

0

10,734

11,642

3,795

1,209

3,271

0

1,425

0

50

0

0

71

0

0

142

218

1,206

898

1,389

1,065

1,837

2,460

698

4,912

6,305

88

2,436

Portion of OTTI losses recognized in other comprehensive income before taxes

-

-

36

0

-

0

0

0

0

0

0

0

248

0

0

0

1,068

5,280

385

348

-1,441

536

-268

0

0

0

0

0

0

-402

0

201

0

0

142

113

568

431

-113

2,128

-972

-

-172

Other-than-temporary Impairment Loss, Debt Securities, Portion Recognized in Earnings

-

-

30

0

-

0

86

404

0

12,829

0

0

171

34

100

0

9,666

9,244

3,410

861

1,830

0

1,157

0

50

0

0

71

0

0

142

419

1,206

898

1,531

1,178

2,405

2,891

585

7,040

5,333

88

2,264

Other net realized investment gains (losses)

-27,510

13,481

1,164

9,308

36,672

-46,139

12,459

3,199

-12,517

10,380

7,749

-2,219

13,451

16,561

15,837

10,929

1,314

3,226

-33,222

-2,967

6,669

6,995

-6,974

13,046

2,794

20,253

12,500

8,542

26,680

6,515

13,361

-1,129

11,883

12,540

-10,441

3,378

6,529

11,426

15,297

3,539

2,929

7,363

7,348

Total net realized investment gains (losses)

-28,673

12,809

1,134

9,308

36,623

-46,139

12,373

2,795

-12,517

-2,401

7,749

-2,219

13,280

16,561

15,737

10,929

-8,352

-6,018

-36,632

-3,828

4,839

6,995

-8,131

13,046

2,744

20,253

12,500

8,471

26,680

6,515

13,219

-1,548

10,677

11,642

-11,972

2,200

4,124

8,535

14,712

-3,501

-2,404

7,275

5,084

Other income

2,251

1,800

2,548

2,777

2,095

2,678

2,388

2,044

2,723

2,933

510

2,250

1,821

1,845

1,428

2,181

2,354

723

2,759

1,576

2,169

2,342

1,808

2,154

2,094

2,247

1,804

1,687

1,813

1,900

1,529

1,868

1,809

1,823

7,471

1,685

2,587

2,223

1,764

1,683

2,321

3,153

2,597

Total revenues

196,701

249,464

241,874

239,621

268,875

179,479

249,325

256,194

201,032

209,119

228,455

205,577

222,998

237,674

224,352

214,801

193,387

185,897

174,933

203,416

207,833

217,995

203,833

222,447

208,051

192,913

181,486

170,805

194,974

195,420

175,994

163,869

180,571

206,392

161,978

174,829

173,585

185,473

181,134

161,500

163,958

182,594

175,241

Expenses
Losses and loss adjustment expenses

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

119,824

112,747

118,169

72,642

106,486

104,052

96,052

39,130

65,619

77,379

60,887

-35,386

63,675

55,132

78,305

-67,002

71,777

69,394

77,101

671

86,866

77,170

87,908

78,674

75,928

Reinsurance recoveries

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

11,018

8,808

13,029

-2,799

7,264

5,139

6,544

4,241

3,982

6,770

3,261

-40,395

7,054

7,048

8,106

-31,337

8,601

5,041

6,678

6,592

7,055

8,646

9,207

9,108

8,903

Net losses and loss adjustment expenses

164,832

264,106

161,614

168,440

159,755

154,091

147,605

161,728

129,786

105,101

129,356

115,550

119,151

107,293

118,082

106,899

110,955

92,826

108,806

103,939

105,140

75,441

99,222

98,913

89,508

34,889

61,637

70,609

57,626

5,009

56,621

48,084

70,199

-35,665

63,176

64,353

70,423

-5,921

79,811

68,524

78,701

69,566

67,025

Underwriting, policy acquisition and operating expenses:
Operating expense

34,773

37,449

32,778

34,661

33,290

32,417

35,213

33,958

32,467

37,942

32,606

34,972

34,482

-

34,060

32,456

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

DPAC amortization

27,283

30,068

29,083

28,047

28,102

27,323

26,631

25,653

24,893

25,756

24,505

22,913

22,626

-

21,752

21,578

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

SPC U.S. federal income tax expense

222

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Segregated portfolio cells dividend expense (income)

-508

3,204

3,621

-7,033

4,787

-665

5,255

2,785

1,747

1,694

2,891

8,811

2,375

2,247

3,196

1,523

1,176

-628

-1,933

1,230

2,184

-513

-483

1,789

1,049

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Underwriting, policy acquisition and operating expenses

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

56,889

-

53,025

53,525

51,356

52,454

54,185

52,157

52,515

42,225

33,348

34,959

37,285

32,548

33,280

35,405

34,398

32,887

34,954

32,871

35,709

40,040

32,095

31,642

31,203

29,905

30,013

Interest expense

4,129

3,785

4,274

4,247

4,330

4,855

3,599

3,958

3,705

4,442

4,124

4,145

4,133

3,747

3,748

3,851

3,686

3,618

3,637

3,710

3,631

3,387

3,606

3,521

3,570

1,670

322

392

371

180

350

826

825

833

932

918

795

821

832

827

813

808

1,203

Loss on extinguishment of debt

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-2,163

-

-

-

0

-

-

-

-

-

-

-2,839

-

Total expenses

230,731

338,642

231,370

228,362

230,264

218,022

218,303

228,082

192,598

174,886

193,482

186,391

182,767

174,162

180,838

166,307

172,706

154,974

163,535

162,404

162,311

130,769

156,530

156,380

146,642

78,784

95,307

105,960

95,282

37,737

92,414

84,315

105,422

-1,945

99,062

98,142

106,927

34,940

112,738

100,993

110,717

103,118

98,241

Gain on acquisition

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-3,672

494

0

35,492

0

0

0

0

-

-

-

-

-

-

-

-

-

-

Income (loss) before income taxes

-34,030

-89,178

10,504

11,259

38,611

-38,543

31,022

28,112

8,434

34,233

34,973

19,186

40,231

63,512

43,514

48,494

20,681

30,923

11,398

41,012

45,522

87,226

47,303

66,067

61,409

110,457

86,673

64,845

135,184

157,683

83,580

79,554

75,149

208,337

62,916

76,687

66,658

150,533

68,396

60,507

53,241

79,476

77,000

Provision for income taxes:
Current expense (benefit)

-1,852

-6,028

3,013

1,507

343

-2,068

-1,637

-1,175

-1,328

7,554

13,690

6,700

-8,278

180

13,736

3,321

-651

-2,753

17,277

13,776

352

20,760

15,591

14,389

7,905

38,074

12,687

16,441

7,775

26,140

19,017

20,614

16,981

82,505

19,220

21,769

5,059

49,399

24,155

23,106

8,819

21,595

3,580

Deferred expense (benefit)

-10,224

-23,775

-9,702

-1,784

6,618

-12,025

1,431

864

-2,094

9,337

-7,666

-7,032

7,054

8,483

-4,056

2,092

2,015

-1,273

-16,155

-5,922

7,356

1,352

-3,066

1,736

6,773

1,518

10,629

-2,047

14,559

30,277

4,457

487

2,523

-14,770

-9

-178

13,906

-919

-6,811

-2,980

6,310

2,680

19,539

Total income tax expense (benefit)

-12,076

-29,803

-6,689

-277

6,961

-14,093

-206

-311

-3,422

16,891

6,024

-332

-1,224

8,663

9,680

5,413

1,364

-4,026

1,122

7,854

7,708

22,112

12,525

16,125

14,678

39,592

23,316

14,394

22,334

56,417

23,474

21,101

19,504

67,735

19,211

21,591

18,965

48,480

17,344

20,126

15,129

24,275

23,119

Net income (loss)

-21,954

-59,375

17,193

11,536

31,650

-24,450

31,228

28,423

11,856

17,342

28,949

19,518

41,455

54,849

33,834

43,081

19,317

34,949

10,276

33,158

37,814

65,114

34,778

49,942

46,731

70,865

63,357

50,451

112,850

101,266

60,106

58,453

55,645

140,602

43,705

55,096

47,693

102,053

51,052

40,381

38,112

55,201

53,881

Other comprehensive income (loss), after tax, net of reclassification adjustments

-41,865

-2,179

7,405

23,074

25,566

3,196

-3,964

-8,097

-26,373

-10,548

-605

5,741

2,924

-38,916

-4,974

14,174

23,260

-12,241

-4,953

-24,828

7,673

-8,803

-14,646

11,247

10,745

-10,412

-4,989

-62,564

-7,754

-13,556

18,885

7,002

3,012

7,689

23,291

24,224

-4,291

-

-

-

-

-

-

Comprehensive income (loss)

-63,819

-61,554

24,598

34,610

57,216

-21,254

27,264

20,326

-14,517

6,794

28,344

25,259

44,379

15,933

28,860

57,255

42,577

22,708

5,323

8,330

45,487

56,311

20,132

61,189

57,476

60,453

58,368

-12,113

105,096

87,710

78,991

65,455

58,657

148,291

66,996

79,320

43,402

-

-

-

-

-

-

Earnings Per Share [Abstract]
Basic (in usd per share)

-0.41

-1.10

0.32

0.21

0.59

-0.45

0.58

0.53

0.22

0.32

0.54

0.37

0.78

1.03

0.64

0.81

0.36

0.66

0.19

0.60

0.67

1.13

0.59

0.84

0.76

1.15

1.02

0.82

1.83

1.65

0.98

0.95

0.91

-0.09

1.43

1.80

1.56

-0.39

1.61

1.25

1.17

1.69

1.64

Diluted (in usd per share)

-0.41

-1.10

0.32

0.21

0.59

-0.45

0.58

0.53

0.22

0.33

0.54

0.36

0.77

1.03

0.63

0.81

0.36

0.65

0.19

0.60

0.67

1.11

0.59

0.84

0.76

1.15

1.02

0.81

1.82

1.64

0.97

0.95

0.90

-0.11

1.42

1.79

1.55

-0.38

1.59

1.23

1.16

1.67

1.62

Weighted average number of common shares outstanding:
Weighted Average Number of Shares Outstanding, Basic

53,808

53,765

53,762

53,750

53,683

53,647

53,620

53,610

53,515

53,442

53,413

53,402

53,315

53,280

53,222

53,205

53,157

53,136

54,007

55,445

56,592

57,689

58,676

59,524

61,251

61,667

61,844

61,825

61,708

61,525

61,349

61,317

61,177

152,804

30,557

30,583

30,616

157,893

31,642

32,322

32,447

32,701

32,914

Weighted Average Number of Shares Outstanding, Diluted

53,885

53,872

53,856

53,828

53,808

53,800

53,773

53,741

53,682

53,688

53,614

53,607

53,535

53,562

53,456

53,428

53,346

53,378

54,232

55,645

56,813

57,930

58,931

59,742

61,497

61,963

62,108

62,046

61,963

61,922

61,875

61,832

61,703

154,180

30,847

30,856

30,853

159,872

32,047

32,721

32,764

33,023

33,186

Cash dividends declared per common share (in usd per share)

0.31

0.31

0.31

0.31

0.31

0.81

0.31

0.31

0.31

5.00

0.31

0.31

0.31

5.00

0.31

0.31

0.31

1.31

0.31

0.31

0.31

2.96

0.30

0.30

0.30

0.30

0.25

0.25

0.25

2.75

0.12

0.12

0.12

-

0.25

-

-

-

-

-

-

-

-