ProAssurance Corporation (PRA) has reported an 114.60 percent jump in profit for the quarter ended Mar. 31, 2017. The company has earned $41.46 million, or $0.77 a share in the quarter, compared with $19.32 million, or $0.36 a share for the same period last year. Revenue during the quarter grew 15.31 percent to $223 million from $193.39 million in the previous year period. Net premium earned for the quarter went up marginally by 3 percent or $5.32 million to $182.90 million.
Total expenses move up
Benefits, losses and expenses for the quarter were at $182.77 million, or 99.93 percent of premium earned from $172.71 million or 97.26 percent of premium earned in the last year period. Operating income for the quarter was $40.23 million, compared with $20.68 million in the previous year period. Property and casualty insurance division has booked premium of $182.90 million on net basis during the quarter, up 3 percent or $5.32 million from year-ago period.
Net investment income was at $23.19 million for the quarter, down 8.86 percent or $2.25 million from year-ago period. The company has recorded a gain on investments of $13.28 million in the quarter compared with a loss of $8.35 million for the previous year period.
“This was another strong quarter with solid premium growth driven by continued success from our strategic initiatives and coordinated marketing programs designed to further meet the needs of the evolving healthcare market. Retention of existing business was also a highlight in the quarter, underscoring our ability to maintain hard-won, well-underwritten business in the face of strong competition,” said W. Stancil Starnes, chairman and chief executive officer of ProAssurance. Mr. Starnes also highlighted non-operating success in our Corporate Segment, which benefited from changes in the value of certain investments, net realized investment gains and a lower tax rate. Importantly our Return on Equity in the quarter was 9.1% and Book Value per Share grew to $34.19.
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