Proassurance corporation (PRA)
Income statement / TTM
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

843,238

847,532

835,119

825,401

839,843

818,853

799,792

786,025

742,787

738,531

749,254

742,226

738,605

733,281

704,458

701,268

699,829

694,149

703,947

698,890

699,900

699,731

654,452

611,022

565,071

527,919

554,142

547,669

548,583

550,664

556,698

564,200

569,997

565,415

543,749

539,422

527,757

519,107

511,081

508,525

0

0

0

Gross premiums written

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

0

0

Net premiums written

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

0

0

Premiums earned

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

0

0

Premiums ceded

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

0

0

Net investment income

91,281

93,269

94,245

93,830

92,675

91,884

93,747

94,210

94,503

95,662

94,320

95,852

97,758

100,012

101,743

103,424

106,796

108,660

114,971

120,859

123,129

125,557

122,770

123,829

126,871

129,265

133,464

133,485

134,728

136,094

136,294

136,500

138,287

140,956

142,606

144,129

144,913

146,380

148,921

152,979

0

0

0

Equity in earnings (loss) of unconsolidated subsidiaries

-10,813

-10,061

-10,539

-4,034

6,498

8,948

11,793

10,729

7,865

8,033

9,333

1,820

-320

-5,762

-6,746

-3,618

-1,574

3,682

5,039

5,558

3,857

3,986

13,807

13,204

9,513

7,539

-6,291

-5,775

-5,030

-6,873

-7,185

-9,660

-9,849

-9,147

-7,343

-6,360

-3,105

1,245

4,181

5,581

0

0

0

Net realized investment gains (losses):
Impairment losses

0

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

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

0

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Net impairment losses recognized in earnings

0

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Other than Temporary Impairment Losses, Investments

-

-

188

222

-

490

13,285

13,185

12,781

13,200

419

519

519

10,834

22,476

26,171

27,380

19,917

8,275

5,905

4,696

1,475

1,475

50

121

71

71

213

360

1,566

2,464

3,711

4,558

5,189

6,751

6,060

9,907

14,375

12,003

13,741

0

0

0

Portion of OTTI losses recognized in other comprehensive income before taxes

-

-

123

87

-

0

0

0

0

248

248

248

248

1,068

6,348

6,733

7,081

4,572

-172

-825

-1,173

268

-268

0

0

0

-402

-402

-201

-201

201

343

255

823

1,254

999

3,014

1,474

871

0

0

-

0

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

-

-

79

135

-

490

13,319

13,233

12,829

13,000

205

305

305

9,800

19,010

22,320

23,181

15,345

6,101

3,848

2,987

1,207

1,207

50

121

71

71

213

561

1,767

2,665

4,054

4,813

6,012

8,005

7,059

12,921

15,849

13,046

14,725

0

0

0

Other net realized investment gains (losses)

-3,557

60,625

1,005

12,300

6,191

-42,998

13,521

8,811

3,393

29,361

35,542

43,630

56,778

44,641

31,306

-17,753

-31,649

-26,294

-22,525

3,723

19,736

15,861

29,119

48,593

44,089

67,975

54,237

55,098

45,427

30,630

36,655

12,853

17,360

12,006

10,892

36,630

36,791

33,191

29,128

21,179

0

0

0

Total net realized investment gains (losses)

-5,422

59,874

926

12,165

5,652

-43,488

250

-4,374

-9,388

16,409

35,371

43,359

56,507

34,875

12,296

-40,073

-54,830

-41,639

-28,626

-125

16,749

14,654

27,912

48,543

43,968

67,904

54,166

54,885

44,866

28,863

33,990

8,799

12,547

5,994

2,887

29,571

23,870

17,342

16,082

6,454

0

0

0

Other income

9,376

9,220

10,098

9,938

9,205

9,833

10,088

8,210

8,416

7,514

6,426

7,344

7,275

7,808

6,686

8,017

7,412

7,227

8,846

7,895

8,473

8,398

8,303

8,299

7,832

7,551

7,204

6,929

7,110

7,106

7,029

12,971

12,788

13,566

13,966

8,259

8,257

7,991

8,921

9,754

0

0

0

Total revenues

927,660

999,834

929,849

937,300

953,873

886,030

915,670

894,800

844,183

866,149

894,704

890,601

899,825

870,214

818,437

769,018

757,633

772,079

804,177

833,077

852,108

852,326

827,244

804,897

753,255

740,178

742,685

737,193

730,257

715,854

726,826

712,810

723,770

716,784

695,865

715,021

701,692

692,065

689,186

683,293

0

0

0

Expenses
Losses and loss adjustment expenses

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

423,382

410,044

401,349

379,232

345,720

304,853

278,180

243,015

168,499

166,555

144,308

161,726

130,110

138,212

152,474

151,270

218,943

234,032

241,808

252,615

330,618

319,680

0

0

0

Reinsurance recoveries

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

30,056

26,302

22,633

16,148

23,188

19,906

21,537

18,254

-26,382

-23,310

-23,032

-18,187

-9,129

-7,582

-9,589

-11,017

26,912

25,366

28,971

31,500

34,016

35,864

0

0

0

Net losses and loss adjustment expenses

758,992

753,915

643,900

629,891

623,179

593,210

544,220

525,971

479,793

469,158

471,350

460,076

451,425

443,229

428,762

419,486

416,526

410,711

393,326

383,742

378,716

363,084

322,532

284,947

256,643

224,761

194,881

189,865

167,340

179,913

139,239

145,794

162,063

162,287

192,031

208,666

212,837

221,115

296,602

283,816

0

0

0

Underwriting, policy acquisition and operating expenses:
Operating expense

139,661

138,178

133,146

135,581

134,878

134,055

139,580

136,973

137,987

140,002

136,120

135,970

0

-

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

DPAC amortization

114,481

115,300

112,555

110,103

107,709

104,500

102,933

100,807

98,067

95,800

91,796

88,869

0

-

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

SPC U.S. federal income tax expense

0

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Segregated portfolio cells dividend expense (income)

-716

4,579

710

2,344

12,162

9,122

11,481

9,117

15,143

15,771

16,324

16,629

9,341

8,142

5,267

138

-155

853

968

2,418

2,977

1,842

2,355

2,838

1,049

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Underwriting, policy acquisition and operating expenses

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

222,597

-

210,360

211,520

210,152

211,311

201,082

180,245

163,047

147,817

138,140

138,072

138,518

135,631

135,970

137,644

135,110

136,421

143,574

140,715

139,486

134,980

124,845

122,763

0

0

0

Interest expense

16,435

16,636

17,706

17,031

16,742

16,117

15,704

16,229

16,416

16,844

16,149

15,773

15,479

15,032

14,903

14,792

14,651

14,596

14,365

14,334

14,145

14,084

12,367

9,083

5,954

2,755

1,265

1,293

1,727

2,181

2,834

3,416

3,508

3,478

3,466

3,366

3,275

3,293

3,280

3,651

0

0

0

Loss on extinguishment of debt

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

-

-

-

0

-

-

-

-

-

-

0

-

Total expenses

1,029,105

1,028,638

908,018

894,951

894,671

857,005

813,869

789,048

747,357

737,526

736,802

724,158

704,074

694,013

674,825

657,522

653,619

643,224

619,019

612,014

605,990

590,321

538,336

477,113

426,693

375,333

334,286

331,393

309,748

319,888

280,206

286,854

300,681

302,186

339,071

352,747

355,598

359,388

427,566

413,069

0

0

0

Gain on acquisition

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

32,314

35,986

35,492

35,492

0

0

0

0

-

-

-

-

-

-

-

-

-

-

Income (loss) before income taxes

-101,445

-28,804

21,831

42,349

59,202

29,025

101,801

105,752

96,826

128,623

157,902

166,443

195,751

176,201

143,612

111,496

104,014

128,855

185,158

221,063

246,118

262,005

285,236

324,606

323,384

397,159

444,385

441,292

456,001

395,966

446,620

425,956

423,089

414,598

356,794

362,274

346,094

332,677

261,620

270,224

0

0

0

Provision for income taxes:
Current expense (benefit)

-3,360

-1,165

2,795

-1,855

-4,537

-6,208

3,414

18,741

26,616

19,666

12,292

12,338

8,959

16,586

13,653

17,194

27,649

28,652

52,165

50,479

51,092

58,645

75,959

73,055

75,107

74,977

63,043

69,373

73,546

82,752

139,117

139,320

140,475

128,553

95,447

100,382

101,719

105,479

77,675

57,100

0

0

0

Deferred expense (benefit)

-45,485

-28,643

-16,893

-5,760

-3,112

-11,824

9,538

441

-7,455

1,693

839

4,449

13,573

8,534

-1,222

-13,321

-21,335

-15,994

-13,369

-280

7,378

6,795

6,961

20,656

16,873

24,659

53,418

47,246

49,780

37,744

-7,303

-11,769

-12,434

-1,051

12,800

5,998

3,196

-4,400

-801

25,549

0

0

0

Total income tax expense (benefit)

-48,845

-29,808

-14,098

-7,615

-7,649

-18,032

12,952

19,182

19,161

21,359

13,131

16,787

22,532

25,120

12,431

3,873

6,314

12,658

38,796

50,199

58,470

65,440

82,920

93,711

91,980

99,636

116,461

116,619

123,326

120,496

131,814

127,551

128,041

127,502

108,247

106,380

104,915

101,079

76,874

82,649

0

0

0

Net income (loss)

-52,600

1,004

35,929

49,964

66,851

47,057

88,849

86,570

77,665

107,264

144,771

149,656

173,219

151,081

131,181

107,623

97,700

116,197

146,362

170,864

187,648

196,565

202,316

230,895

231,404

297,523

327,924

324,673

332,675

275,470

314,806

298,405

295,048

287,096

248,547

255,894

241,179

231,598

184,746

187,575

0

0

0

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

-13,565

53,866

59,241

47,872

16,701

-35,238

-48,982

-45,623

-31,785

-2,488

-30,856

-35,225

-26,792

-6,456

20,219

20,240

-18,762

-34,349

-30,911

-40,604

-4,529

-1,457

-3,066

6,591

-67,220

-85,719

-88,863

-64,989

4,577

15,343

36,588

40,994

58,216

50,913

0

0

0

-

-

-

-

-

-

Comprehensive income (loss)

-66,165

54,870

95,170

97,836

83,552

11,819

39,867

40,947

45,880

104,776

113,915

114,431

146,427

144,625

151,400

127,863

78,938

81,848

115,451

130,260

183,119

195,108

199,250

237,486

164,184

211,804

239,061

259,684

337,252

290,813

351,394

339,399

353,264

338,009

0

0

0

-

-

-

-

-

-

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

-

-

-

-

-

-

-

-