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…
Earnings analysis · 10-Q
PRA earnings analysis
Filed May 5, 2026 · Our reading of the company's report
The latest report
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,…
Read full summary
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%.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.16
- Segment
- Specialty P&C
- Segment
- Workers' Compensation Insurance
- Segment
- Segregated Portfolio Cell Reinsurance
What stood out
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Net Income Positive Growth
Q1 2026 net income was $8.5 million, compared to a loss of $5.8 million in Q1 2025.
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EPS Recovery
Diluted EPS improved to $0.16 from a loss of $0.11 in Q1 2025.
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Operational Improvement
The combined ratio decreased to 110.4%, down from 115.6% in Q1 2025.
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Cash and Investments Fluctuation
At March 31, 2026, cash and liquid investments totaled approximately $143 million, compared to $195 million in December 2025.
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Expense Reduction
Operating expenses decreased by $25.2 million compared to Q1 2025, significantly impacting profitability.
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Improved Investment Income
Net investment income rose to $39.972 million, an increase of 8.2% from Q1 2025.
What to watch
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Revenue Misses Estimates
Q1 2026 revenue of $262.6 million fell short of the projected $275 million.
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Decreased Net Premiums Written
Net premiums written dropped to $258.6 million from $276.1 million in Q1 2025.
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Cash Flow Challenges
Operating cash flows were negative at $(21.323) million, worsened from $(11.609) million in Q1 2025.
Management's outlook
Anticipates completing the merger with The Doctors Company by June 30, 2026.
Earlier filings 4
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 itself. Analysis can contain errors; check the source document for full context.