ProAssurance Corporation (PRA) has reported 229.25 percent jump in profit for the quarter ended Sep. 30, 2016. The company has earned $33.83 million, or $0.63 a share in the quarter, compared with $10.28 million, or $0.19 a share for the same period last year. Revenue during the quarter grew 28.25 percent to $224.35 million from $174.93 million in the previous year period. Total expenses were 80.60 percent of quarterly revenues, down from 93.48 percent for the same period last year. This has led to an improvement of 1288 basis points in operating margin to 19.40 percent.
Operating income for the quarter was $43.51 million, compared with $11.40 million in the previous year period.
“ProAssurance was solidly profitable in the third quarter, and we are encouraged by the continued progress we are making in broker-driven distribution, the continuing success of our coordinated sales and marketing efforts and our ability to write new business in a fiercely competitive market,” said W. Stancil Starnes, Chairman and Chief Executive Officer of ProAssurance. He added, “We remain confident that we have the right long-term strategy to ensure our ability to serve the evolving healthcare market while continuing to produce real value for shareholders who share our vision for success.”
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