ProAssurance Corporation (PRA) 10-Year Financial Performance & Capital Metrics

PRA • • Insurance & Managed Care

Financial ServicesProperty & Casualty InsuranceSpecialty & Excess Lines InsuranceHealthcare & Professional Liability

AboutProAssurance Corporation, through its subsidiaries, provides property and casualty insurance, and reinsurance products in the United States. The company operates through Specialty Property and Casualty, Workers' Compensation Insurance, Segregated Portfolio Cell Reinsurance, and Lloyd's Syndicate segments. It offers professional liability insurance for healthcare providers and institutions, and attorneys; liability insurance for medical technology and life sciences risks; and workers' compensation insurance, such as guaranteed cost policies, policyholder dividend policies, retrospectively rated policies, and deductible policies, as well as alternative market solutions that include program design, fronting, claims administration, risk management, SPC rental, asset management, and SPC management services for individual companies, agencies, groups, and associations. The company also participates in Lloyd's of London Syndicate 1729, which underwrites property and casualty insurance, and reinsurance. It markets its products through independent agencies and brokers, as well as an internal sales force. The company was founded in 1976 and is headquartered in Birmingham, Alabama.Show more

Revenue $1.13B -0.2%
Combined Ratio 94.41% -8.8%
Net Income $53M +236.6%
Return on Equity 4.56% +230.9%
Medical Cost Ratio 77.55% -6.3%
Operating Margin 5.59% +261.4%
Net Margin 4.68% +236.9%
ROA 0.94% +238.2%
Equity / Assets 21.56% +9.2%
Book Value per Share 23.44 +11.3%
Tangible BV/Share 22.28 +12.4%
Debt/Equity 0.37 -7.9%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Profitable underwriting: 94.4% combined ratio
✓Strong 5Y profit CAGR of 120.8%
✓Share count reduced 2.9% through buybacks
✓Trading near 52-week high
✓Trading at only 1.0x book value

✗Weaknesses

✗Weak 3Y average ROE of 0.3%

Price & Volume

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Growth Metrics

Revenue CAGR

10Y2.89%

5Y2.24%

3Y1.61%

TTM-3.53%

Profit (Net Income) CAGR

10Y-12.33%

5Y120.85%

3Y-28.47%

TTM-21.51%

EPS CAGR

10Y-10.99%

5Y123.18%

3Y-27.2%

TTM-21.47%

ROCE

10Y Avg0.62%

5Y Avg-0.46%

3Y Avg-0.14%

Latest1.13%

Peer Comparison

Healthcare & Professional Liability

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
PRAProAssurance Corporation	1.24B	24.20	23.50	-0.2%	3.07%	2.58%		0.37

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Revenue+	768.4M	875.98M	858.12M	877.08M	1.01B	886.86M	1.08B	1.1B	1.13B	1.13B
Revenue Growth %	-0.09%	0.14%	-0.02%	0.02%	0.15%	-0.12%	0.21%	0.02%	0.03%	-0%
Medical Costs & Claims+	490.27M	531.61M	564.91M	697.71M	869.25M	772.01M	862.85M	909.94M	935.31M	874.87M
Medical Cost Ratio %	-	-	-	-	-	-	-	-	-	-
Gross Profit+	278.13M	344.37M	293.21M	179.37M	140.65M	114.85M	212.58M	191.86M	195.11M	253.34M
Gross Margin %	-	-	-	-	-	-	-	-	-	-
Gross Profit Growth %	-0.43%	0.24%	-0.15%	-0.39%	-0.22%	-0.18%	0.85%	-0.1%	0.02%	0.3%
Operating Expenses+	149.28M	168.17M	164.58M	150.35M	169.45M	331.9M	65.97M	198.08M	234.26M	190.26M
OpEx / Revenue %	-	-	-	-	-	-	-	-	-	-
Depreciation & Amortization	36.22M	32.79M	28.8M	21.25M	18.66M	21.38M	37.25M	38.06M	26.02M	17.75M
Combined Ratio %	-	-	-	-	-	-	-	-	-	-
Operating Income+	128.85M	176.2M	128.62M	29.02M	-28.8M	-217.06M	146.61M	-6.22M	-39.15M	63.08M
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Operating Income Growth %	-0.51%	0.37%	-0.27%	-0.77%	-1.99%	-6.54%	1.68%	-1.04%	-5.3%	2.61%
EBITDA+	165.07M	208.99M	157.42M	50.28M	-10.14M	-195.68M	183.85M	31.85M	-13.13M	80.83M
EBITDA Margin %	-	-	-	-	-	-	-	-	-	-
Interest Expense	14.6M	15.03M	16.84M	16.12M	16.64M	15.5M	19.72M	20.37M	23.15M	22.34M
Non-Operating Income	-14.6M	-15.03M	-16.84M	-16.12M	-16.64M	-15.5M	-19.72M	-20.37M	-23.15M	-22.34M
Pretax Income+	128.85M	176.2M	128.62M	29.02M	-28.8M	-217.06M	146.61M	-6.22M	-39.15M	63.08M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	12.66M	25.12M	21.36M	-18.03M	-29.81M	-41.33M	2.48M	-5.81M	-545K	10.33M
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	116.2M	151.08M	107.26M	47.06M	1M	-175.73M	144.12M	-402K	-38.6M	52.74M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	-0.41%	0.3%	-0.29%	-0.56%	-0.98%	-176.03%	1.82%	-1%	-95.03%	2.37%
EPS (Diluted)+	2.11	2.83	2.00	0.88	0.02	-3.26	2.67	-0.01	-0.73	1.03
EPS Growth %	-0.36%	0.34%	-0.29%	-0.56%	-0.98%	-176.27%	1.82%	-1%	-	2.41%
EPS (Basic)	2.19	2.84	2.01	0.88	0.02	-3.26	2.67	-0.01	-0.73	1.03
Diluted Shares Outstanding	55.02M	53.45M	53.61M	53.75M	53.84M	53.91M	54.06M	54.14M	52.79M	51.27M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Assets+	4.91B	5.07B	4.93B	4.6B	4.81B	4.65B	6.19B	5.7B	5.63B	5.57B
Asset Growth %	-0.05%	0.03%	-0.03%	-0.07%	0.04%	-0.03%	0.33%	-0.08%	-0.01%	-0.01%
Total Investment Assets+	448.25M	482.93M	503.55M	466.14M	3.42B	3.42B	8.7B	4.42B	420.78M	4.4B
Long-Term Investments	448.25M	482.93M	503.55M	466.14M	3.29B	3.27B	4.64B	4.21B	420.78M	4.28B
Short-Term Investments	0	0	0	0	2.63B	2.8B	4.05B	3.72B	0	3.84B
Total Current Assets+	241.1M	117.35M	134.5M	80.47M	0	0	4.93B	0	541.25M	0
Cash & Equivalents	241.1M	117.35M	134.5M	80.47M	175.37M	215.78M	143.6M	29.96M	65.9M	54.88M
Receivables	0	0	0	0	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Assets	0	0	0	0	-3.5B	-3.65B	0	-4.47B	239.78M	-4.58B
Goodwill & Intangibles+	303.23M	295.13M	293.73M	287.52M	281.48M	115.33M	122.95M	116.41M	65.8M	59.7M
Goodwill	210.72M	210.72M	210.72M	210.72M	210.72M	49.61M	49.61M	49.61M	5.5M	5.5M
Intangible Assets	92.5M	84.4M	83M	76.8M	70.76M	65.72M	73.34M	66.8M	60.31M	54.2M
PP&E (Net)	0	0	0	0	21.07M	19.01M	19.59M	18.99M	46.03M	16.51M
Other Assets	48.42M	20.6M	72.81M	155.74M	-3.59B	-3.41B	0	-4.35B	3.9B	-4.36B
Total Liabilities	2.95B	3.27B	3.33B	3.08B	3.29B	3.31B	4.76B	4.6B	4.52B	4.37B
Total Debt+	347.86M	448.2M	411.81M	287.76M	307.87M	304.83M	445.83M	446.99M	444.31M	442.26M
Net Debt	106.76M	330.86M	277.32M	207.29M	132.5M	89.05M	302.23M	417.03M	378.41M	387.38M
Long-Term Debt	347.86M	448.2M	410.42M	287.76M	285.82M	284.71M	424.99M	426.98M	427.13M	299.87M
Short-Term Debt	0	0	0	0	0	0	0	0	3.29M	125M
Total Current Liabilities+	0	-200M	0	0	0	0	22.63M	0	2.96B	0
Accounts Payable	30.11M	30M	37.73M	55.61M	52.95M	40M	22.63M	28.51M	24.02M	27.29M
Deferred Revenue	0	0	0	-1.45M	0	0	0	0	0	0
Other Current Liabilities	-116.21M	-329.95M	-351.94M	-151.22M	-125.39M	-108.86M	0	-28.51M	2.93B	-152.29M
Deferred Taxes	0	0	1000K	0	0	0	0	0	1000K	0
Other Liabilities	2.6B	2.82B	2.91B	2.79B	-307.87M	-304.83M	4.32B	-446.99M	619.18M	-317.26M
Total Equity+	1.96B	1.8B	1.59B	1.52B	1.51B	1.35B	1.43B	1.1B	1.11B	1.2B
Equity Growth %	-0.09%	-0.08%	-0.11%	-0.05%	-0.01%	-0.11%	0.06%	-0.23%	0.01%	0.08%
Shareholders Equity	1.96B	1.8B	1.59B	1.52B	1.51B	1.35B	1.43B	1.1B	1.11B	1.2B
Minority Interest	0	0	0	0	0	0	0	0	0	0
Retained Earnings	1.99B	1.82B	1.61B	1.57B	1.51B	1.3B	1.43B	1.42B	1.38B	1.43B
Common Stock	625K	627K	628K	630K	631K	632K	633K	634K	636K	638K
Accumulated OCI	23.86M	17.4M	14.91M	-16.91M	36.95M	75.23M	16.28M	-298.61M	-204.49M	-172.39M
Return on Equity (ROE)	0.06%	0.08%	0.06%	0.03%	0%	-0.12%	0.1%	-0%	-0.03%	0.05%
Return on Assets (ROA)	0.02%	0.03%	0.02%	0.01%	0%	-0.04%	0.03%	-0%	-0.01%	0.01%
Equity / Assets	-	-	-	-	-	-	-	-	-	-
Debt / Equity	0.18x	0.25x	0.26x	0.19x	0.20x	0.23x	0.31x	0.40x	0.40x	0.37x
Book Value per Share	35.60	33.65	29.75	28.34	28.08	25.03	26.42	20.39	21.07	23.44
Tangible BV per Share	-	-	-	-	-	-	-	-	-	-

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	111.12M	178.98M	173.39M	177.26M	148.17M	92.34M	73.97M	-29.84M	-49.88M	-10.71M
Operating CF Growth %	0.16%	0.61%	-0.03%	0.02%	-0.16%	-0.38%	-0.2%	-1.4%	-0.67%	0.79%
Operating CF / Revenue %	-	-	-	-	-	-	-	-	-	-
Net Income	116.2M	151.08M	107.26M	47.06M	1M	-175.73M	144.12M	-402K	-38.6M	52.74M
Depreciation & Amortization	36.22M	32.79M	28.8M	21.25M	18.66M	21.38M	37.25M	38.06M	26.02M	17.75M
Stock-Based Compensation	9.17M	12.46M	10.62M	5.32M	3.53M	3.84M	4.39M	4.83M	5.25M	6.2M
Deferred Taxes	-15.99M	8.53M	0	-11.82M	-28.64M	-21.15M	1.32M	-6.62M	-1.77M	12.82M
Other Non-Cash Items	30.79M	-21.91M	-3.68M	61.09M	-25.26M	203.07M	-126.01M	58.79M	41.17M	-4.28M
Working Capital Changes	-65.26M	-3.97M	30.39M	54.37M	178.87M	60.93M	12.9M	-124.5M	-81.94M	-95.96M
Cash from Investing+	227.79M	-278.94M	200.28M	214.9M	50.52M	-8.48M	-85.53M	-62M	141.14M	10.67M
Capital Expenditures	-9.52M	-10.92M	0	-9.64M	-9.59M	-7.48M	-3.84M	-4.35M	-4.79M	-9.02M
Acquisitions	-73.92M	0	-42.69M	-70.82M	216.7M	0	0	0	0	39.68M
Purchase of Investments	-885.55M	-767.9M	-915.35M	-1.05B	-770.19M	0	-1.51B	-681.25M	-464.94M	-798.44M
Sale/Maturity of Investments	1000K	1000K	1000K	1000K	1000K	0	1000K	1000K	1000K	1000K
Other Investing	27.85M	-30.17M	50.35M	282.18M	16M	-1.01M	78.31M	-32.59M	24.69M	0
Cash from Financing+	-294.85M	-13.93M	-356.51M	-446.19M	-103.79M	-43.45M	-60.62M	-21.8M	-55.31M	-10.97M
Dividends Paid	-217.63M	-118.81M	-315.23M	-316.48M	-93.2M	-38.66M	-10.76M	-10.77M	-5.38M	0
Share Repurchases	-172.77M	-2.11M	0	-1M	0	-2.35M	-10.38M	-3.25M	-50.49M	0
Stock Issued	0	0	0	0	0	2.35M	10.38M	0	0	8K
Debt Issuance (Net)	1000K	1000K	-1000K	-1000K	-1000K	-1000K	-1000K	0	0	-1000K
Other Financing	-4.45M	6.98M	-4.75M	-5.31M	-9.14M	-935K	-3.38M	-7.79M	552K	-6.29M
Net Change in Cash+	44.06M	-123.75M	17.15M	-54.02M	94.9M	40.41M	-72.18M	-113.64M	35.94M	-11.02M
Exchange Rate Effect	0	0	0	0	0	0	0	0	0	0
Cash at Beginning	197.04M	241.1M	117.35M	134.5M	80.47M	175.37M	215.78M	143.6M	29.96M	65.9M
Cash at End	241.1M	117.35M	134.5M	80.47M	175.37M	215.78M	143.6M	29.96M	65.9M	54.88M
Free Cash Flow+	101.6M	168.06M	162.9M	167.63M	138.58M	84.86M	70.13M	-34.19M	-54.67M	-19.73M
FCF Growth %	0.09%	0.65%	-0.03%	0.03%	-0.17%	-0.39%	-0.17%	-1.49%	-0.6%	0.64%
FCF Margin %	-	-	-	-	-	-	-	-	-	-
FCF per Share	1.85	3.14	3.04	3.12	2.57	1.57	1.3	-0.63	-1.04	-0.38

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Combined Ratio	83.23%	79.89%	85.01%	96.69%	102.85%	124.47%	86.37%	100.56%	103.46%	94.41%
Medical Cost Ratio	63.8%	60.69%	65.83%	79.55%	86.07%	87.05%	80.23%	82.59%	82.74%	77.55%
Return on Equity (ROE)	5.65%	8.04%	6.32%	3.02%	0.07%	-12.28%	10.38%	-0.03%	-3.48%	4.56%
Return on Assets (ROA)	2.31%	3.03%	2.15%	0.99%	0.02%	-3.72%	2.66%	-0.01%	-0.68%	0.94%
Equity / Assets	39.92%	35.51%	32.35%	33.1%	31.46%	28.99%	23.07%	19.37%	19.74%	21.56%
Book Value / Share	35.6	33.65	29.75	28.34	28.08	25.03	26.42	20.39	21.07	23.44
Debt / Equity	0.18x	0.25x	0.26x	0.19x	0.20x	0.23x	0.31x	0.40x	0.40x	0.37x
Revenue Growth	-9.42%	14%	-2.04%	2.21%	15.14%	-12.18%	21.26%	2.45%	2.6%	-0.2%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Specialty Property and Casualty	443.31M	457.82M	453.92M	491.79M	499.06M	477.37M	695.01M	769.77M	755.82M	747.94M
Specialty Property and Casualty Growth	-	3.27%	-0.85%	8.34%	1.48%	-4.35%	45.59%	10.76%	-1.81%	-1.04%
Workers' Compensation Insurance	-	-	-	-	-	171.77M	164.6M	166.37M	160.03M	167.61M
Workers' Compensation Insurance Growth	-	-	-	-	-	-	-4.18%	1.08%	-3.81%	4.73%
Segregated Portfolio Cell Reinsurance	-	-	-	73.94M	78.56M	66.35M	63.69M	69.81M	61.55M	52.7M
Segregated Portfolio Cell Reinsurance Growth	-	-	-	-	6.25%	-15.54%	-4.01%	9.61%	-11.84%	-14.38%
Lloyd's Syndicates	-	-	-	67.05M	80.67M	77.23M	48.37M	23.63M	-	-
Lloyd's Syndicates Growth	-	-	-	-	20.32%	-4.27%	-37.36%	-51.16%	-	-
Workers' Compensation Insurance	-	-	-	-	189.24M	-	-	-	-	-
Workers' Compensation Insurance Growth	-	-	-	-	-	-	-	-	-	-
Workers Compensation Insurance	-	-	-	186.08M	-	-	-	-	-	-
Workers Compensation Insurance Growth	-	-	-	-	-	-	-	-	-	-
Workers Compensation	213.16M	220.81M	227.41M	-	-	-	-	-	-	-
Workers Compensation Growth	-	3.59%	2.99%	-	-	-	-	-	-	-
Lloyds Syndicate	37.67M	54.65M	57.2M	-	-	-	-	-	-	-
Lloyds Syndicate Growth	-	45.06%	4.67%	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

ProAssurance Corporation (PRA) has a price-to-earnings (P/E) ratio of 23.5x. This is roughly in line with market averages.

Growth & Financials

ProAssurance Corporation (PRA) saw revenue decline by 0.2% over the past year.

Yes, ProAssurance Corporation (PRA) is profitable, generating $33.7M in net income for fiscal year 2024 (4.7% net margin).

Dividend & Returns

ProAssurance Corporation (PRA) has a return on equity (ROE) of 4.6%. This is below average, suggesting room for improvement.

Industry Metrics

ProAssurance Corporation (PRA) has a combined ratio of 94.4%. A ratio below 100% indicates underwriting profitability.

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