PROASSURANCE CORP

Listed Company

PRACIK 0001127703NYSELarge AcceleratedFire, Marine & Casualty InsuranceDelawareFY ends Dec 31

Period

FY 2025

Revenue

$1.10B

Net Income

$50.91M

Total Assets

—

Equity

—

Shares Out

51.61M

Op. Cash Flow

$-25.62M

Business

PROASSURANCE CORP is a holding company that underwrites specialty property and casualty and workers' compensation insurance through its insurance subsidiaries. It offers medical professional liability, medical technology and life sciences liability, workers' compensation coverages, alternative risk and captive solutions, reinsurance participation and related claims management and risk management services. The company reports results through four operating segments: Specialty P&C, Workers' Compensation Insurance, Segregated Portfolio Cell Reinsurance and Corporate. Its insurance exposures and distribution are primarily U.S.-focused, marketed through independent agents and brokers, internal business development teams and strategic partnerships.

Summary from filing dated 2025-02-24

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net premiums earned	934	968	977	1,030	972
Net investment income	156	145	128	96	71
Equity in earnings (loss) of unconsolidated subsidiaries	16	22	7	5	49
Impairment losses	−2	−3	−3	−2	0
Portion of impairment losses recognized in other comprehensive income (loss) before taxes	358,000	102,000	0	14,000	0
Net impairment losses recognized in earnings	−2	−3	−3	−2	0
Other net investment gains (losses)	−4	5	17	−31	24
Total net investment gains (losses)	−5	2	14	−33	24
Other income (expense)	−3	14	11	9	9
Total revenues	1,098	1,150	1,137	1,107	1,124
Net losses and loss adjustment expenses	665	739	800	777	752
Operating expense	199	184	166	174	158
DPAC amortization	131	135	135	133	111
SPC U.S. federal income tax expense (benefit)	2	2	2	2	2
SPC dividend expense (income)	7	4	6	7	10
Interest expense	21	22	23	20	—
Goodwill impairment	0	0	44	0	0
Total expenses	1,026	1,087	1,176	1,113	1,052
Income (loss) before income taxes	72	63	−39	−6	147
Current expense (benefit)	4	−2	1	807,000	1
Deferred expense (benefit)	17	13	−2	−7	1
Total income tax expense (benefit)	21	10	−545,000	−6	2
Other comprehensive income (loss), after tax, net of reclassification adjustments	91	32	94	−315	−59
Comprehensive income (loss)	142	85	56	−315	85
Basic (in dollars per share)	0.99	1.03	−0.73	−0.01	2.67
Diluted (in dollars per share)	0.99	1.03	−0.73	−0.01	2.67
Basic (in shares)	51	51	53	54	54
Diluted (in shares)	52	51	53	54	54
Cash dividends declared per common share (in dollars per share)	0	0	0.05	0.2	0.2

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Fixed maturities, available-for-sale, at fair value (amortized cost, $3,793,777 and $3,803,835, respectively; allowance for expected credit losses, $4,306 and $3,399, respectively)	3,686	3,582	3,494	3,472	3,834
Fixed maturities, trading, at fair value (cost, $14,202 and $52,493, respectively)	14	53	48	43	44
Equity investments, at fair value (cost, $121,766 and $145,411, respectively)	107	130	151	144	215
Short-term investments	286	255	236	245	217
Business owned life insurance	83	80	78	82	82
Investment in unconsolidated subsidiaries	245	260	277	305	336
Other investments (at fair value, $1,215 and $2,077, respectively, otherwise at cost or amortized cost)	8	7	66	96	102
Total Investments	4,429	4,367	4,350	4,388	4,828
Cash and cash equivalents	36	55	66	30	144
Premiums receivable, net (allowance for expected credit losses, $7,829 and $8,141, respectively)	228	229	236	246	241
Receivable from reinsurers on paid losses and loss adjustment expenses	20	18	21	15	15
Receivable from reinsurers on unpaid losses and loss adjustment expenses	335	409	446	432	452
Prepaid reinsurance premiums	33	31	31	29	25
Deferred policy acquisition costs	57	59	60	58	59
Deferred tax asset, net	122	164	186	210	118
Real estate, net	13	30	30	30	30
Operating lease ROU assets	14	17	16	19	20
Intangible assets, net	49	54	60	67	73
Goodwill	6	6	6	50	50
Other assets	106	136	124	127	138
Total Assets	5,447	5,574	5,632	5,700	6,191
Reserve for losses and loss adjustment expenses	3,018	3,258	3,401	3,471	3,580
Unearned premiums	404	419	434	423	434
Reinsurance premiums payable	14	27	24	29	23
Total Policy Liabilities and Accruals	3,437	3,704	3,859	3,923	4,037
Operating lease liabilities	15	17	17	20	21
Other liabilities	226	227	217	226	281
Debt less unamortized debt issuance costs	420	425	427	427	425
Total Liabilities	4,098	4,373	4,520	4,596	4,763
Common shares (par value $0.01 per share, 100,000,000 shares authorized, 64,020,611 and 63,763,789 shares issued, respectively)	640,000	638,000	636,000	634,000	633,000
Additional paid-in capital	414	408	404	398	393
Accumulated other comprehensive income (loss) (net of deferred tax expense (benefit) of ($21,905) and ($46,681), respectively)	−81	−172	−204	−299	16
Retained earnings	1,486	1,435	1,382	1,423	1,434
Treasury shares, at cost (12,606,968 shares as of each respective period end)	−470	−470	−470	−419	−416
Total Shareholders' Equity	1,349	1,202	1,112	1,104	1,428
Total Liabilities and Shareholders' Equity	5,447	5,574	5,632	5,700	6,191

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization, net of accretion	14	18	26	38	37
(Increase) decrease in cash surrender value of BOLI	−3	−2	4	21,000	−1
Gain on sale of capital assets	−2	0	0	—	—
Net investment (gains) losses	5	−2	−14	—	—
Share-based compensation	8	6	5	5	4
Policy acquisition costs, net of amortization (net deferral)	2	1	−2	792,000	−12
Distributed earnings from unconsolidated subsidiaries	23	21	15	30	35
Other, net	2	−320,000	947,000	−571,000	−401,000
Premiums receivable	605,000	7	11	−5	71
Reinsurance related assets and liabilities	36	43	−26	20	17
Other assets	14	−9	−5	12	13
Reserve for losses and loss adjustment expenses	−166	−144	−70	−109	−20
Unearned premiums	−15	−15	11	−11	−106
Other liabilities	4	22	−2	−32	38
Net cash provided by (used in) operating activities	−26	−11	−50	−30	74
Fixed maturities, available-for-sale	−893	−770	−419	−608	−1,438
Equity investments	−4	−2	−2	−35	−157
Other investments	−3	−10	−41	−39	−74
Investment in unconsolidated subsidiaries	−28	−26	−37	−39	−50
Fixed maturities, available-for-sale	903	708	494	543	1,077
Equity investments	27	24	4	79	441
Other investments	934,000	69	77	35	59
Net sales or (purchases) of fixed maturities, trading	2	−4	−5	−499,000	4
Return of invested capital from unconsolidated subsidiaries	35	44	57	44	65
Net sales or maturities (purchases) of short-term investments	−29	−14	13	−28	182
Unsettled security transactions, net change	1	2	2	−6	30
Purchases of capital assets	−4	−9	−5	−4	−4
Proceeds from sale of capital assets	19	0	0	—	—
Net cash impact of deconsolidation of closed years of account from Lloyd's Syndicates operations	−11	0	0	—	—
Other	966,000	0	3	−3	0
Net cash provided by (used in) investing activities	19	11	141	−62	−86
Borrowings (repayments) under Revolving Credit Agreement	−6	−5	250	0	—
Repayments of Senior Notes	0	0	−250	0	0
Repurchase of common stock	0	8,000	−50	−3	—
Dividends to shareholders	0	0	−5	−11	−11
Capital contribution received from (return of capital to) external segregated portfolio cell participants	−3	−5	4	−9	−10
Other	−3	−1	−3	1	−288,000
Net cash provided by (used in) financing activities	−12	−11	−55	−22	−61
Increase (decrease) in cash and cash equivalents	−18	−11	36	−114	−72
Cash paid during the year for interest	19	23	22	20	15
Operating lease liabilities arising from obtaining ROU assets	0	2	0	3	6
Increase (decrease) in fair value of contingent consideration issued in NORCAL acquisition	0	−7	−9	−9	0

Filings

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