PRA earnings analysis
What we found in PRA's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
ProAssurance Corporation reported a mixed performance for Q1 2026, with a net income of $8.5 million ($0.16 EPS), exceeding last year's loss of $5.8 million but falling short of revenue expectations at $262.6 million, compared to the anticipated $275 million. The company noted significant improvements in expense management leading to a reduced combined ratio of 110.4%.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Net Income Positive Growth
- Q1 2026 net income was $8.5 million, compared to a loss of $5.8 million in Q1 2025.
- EPS Recovery
- Diluted EPS improved to $0.16 from a loss of $0.11 in Q1 2025.
- Operational Improvement
- The combined ratio decreased to 110.4%, down from 115.6% in Q1 2025.
- Cash and Investments Fluctuation
- At March 31, 2026, cash and liquid investments totaled approximately $143 million, compared to $195 million in December 2025.
- Expense Reduction
- Operating expenses decreased by $25.2 million compared to Q1 2025, significantly impacting profitability.
- Improved Investment Income
- Net investment income rose to $39.972 million, an increase of 8.2% from Q1 2025.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Revenue Misses Estimates
- Q1 2026 revenue of $262.6 million fell short of the projected $275 million.
- Decreased Net Premiums Written
- Net premiums written dropped to $258.6 million from $276.1 million in Q1 2025.
- Cash Flow Challenges
- Operating cash flows were negative at $(21.323) million, worsened from $(11.609) million in Q1 2025.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $0.16
- Segment
- Specialty P&C
- Segment
- Workers' Compensation Insurance
- Segment
- Segregated Portfolio Cell Reinsurance
What they said about what is next.
Anticipates completing the merger with The Doctors Company by June 30, 2026.
The filing reads about the same as the one before it.
What came before.
- 10-K · February 23, 2026
- ProAssurance (PRA) positions itself as a specialty healthcare-centric P&C and workers' compensation insurer focused on profitability, underwriting discipline and operational innovation. The 2025 Form 10-K shows scale…
- 10-Q · May 6, 2025
- ProAssurance reported a net loss of $5,822,000 for 1Q25 (diluted loss per share $(0.11)) on total revenues of $272,079,000, driven by higher operating costs including $7.1 million of transaction-related merger costs and…
- 10-Q · November 7, 2024
- ProAssurance reported a quarterly turnaround: net income of $16,441,000 and diluted EPS of $0.32 for the three months ended September 30, 2024 versus a net loss of $49,434,000 and diluted loss per share of $(0.95) in…
- 10-Q · November 8, 2023
- ProAssurance reported total revenues of $275,747,000 for Q3 2023, up $2,664,000 (+0.98%) versus Q3 2022, but net premiums earned fell to $242,420,000 (down $15,935,000 or -6.2%). The company recorded a $44,110,000…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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