NYSE : PRA
ProAssurance Corporation — Financial statements
Financials · Insurance - Property & Casualty · United States
Last price 25 USD (At close: Jun 25, 2026) · Market cap 1.29B
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Financial statements
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Premiums & Annuity Revenue | 921.47M | 934.24M | 968.25M | 977.40M | 1.03B | 971.67M |
| Total Interest & Dividend Income | 159.52M | 156.50M | 144.54M | 128.42M | 95.97M | 70.52M |
| Gain (Loss) on Sale of Investments | -7.22M | -5.49M | 1.90M | 13.83M | -33.16M | 24.31M |
| Other Revenue | 21.67M | 23.66M | 28.98M | 17.57M | 14.29M | 57.91M |
| Total Revenue | 1.10B | 1.11B | 1.14B | 1.14B | 1.11B | 1.12B |
| Policy Benefits | 649.65M | 665.42M | 739.43M | 800.49M | 776.76M | 752.25M |
| Policy Acquisition & Underwriting Costs | 130.53M | 131.32M | 135.43M | 134.81M | 133.18M | 110.61M |
| Selling, General & Administrative | 178.51M | 182.75M | 183.59M | 165.93M | 172.30M | 157.64M |
| Other Operating Expenses | 8.20M | 6.87M | 4.44M | 6.23M | 6.67M | 10.05M |
| Total Operating Expenses | 966.89M | 986.36M | 1.06B | 1.11B | 1.09B | 1.03B |
| Operating Income | 128.55M | 122.55M | 80.78M | 29.74M | 17.78M | 93.86M |
| Interest Expense | -20.77M | -20.84M | -22.34M | -23.15M | -20.37M | -19.72M |
| Currency Exchange Gain (Loss) | -4.64M | -10.88M | 6.73M | |||
| EBT Excluding Unusual Items | 103.14M | 90.83M | 65.16M | 6.59M | -2.60M | 74.15M |
| Merger & Restructuring Charges | -10.72M | -16.35M | -320.00K | -1.86M | ||
| Impairment of Goodwill | -44.11M | |||||
| Other Unusual Items | 74.41M | |||||
| Pretax Income | 90.21M | 74.48M | 64.84M | -37.52M | -4.46M | 148.55M |
| Income Tax Expense | 25.01M | 23.57M | 12.10M | 1.08M | -4.05M | 4.43M |
| Net Income | 65.20M | 50.91M | 52.74M | -38.60M | -402.00K | 144.12M |
| Net Income to Common | 65.20M | 50.91M | 52.74M | -38.60M | -402.00K | 144.12M |
| Shares Outstanding (Basic) | 51.42M | 51.34M | 51.10M | 52.64M | 54.01M | 53.96M |
| Shares Outstanding (Diluted) | 51.76M | 51.67M | 51.27M | 52.79M | 54.14M | 54.06M |
| EPS (Basic) | 1.27 | 0.99 | 1.03 | -0.73 | -0.01 | 2.67 |
| EPS (Diluted) | 1.26 | 0.99 | 1.03 | -0.73 | -0.01 | 2.67 |
| Free Cash Flow | -38.80M | -29.22M | -19.73M | -54.67M | -34.19M | 70.13M |
| Free Cash Flow Per Share | -0.75 | -0.56 | -0.39 | -1.04 | -0.63 | 1.30 |
| Dividend Per Share | 0.05 | 0.20 | 0.20 | |||
| Operating Margin | 11.73% | 11.05% | 7.06% | 2.61% | 1.61% | 8.35% |
| Profit Margin | 5.95% | 4.59% | 4.61% | -3.40% | -0.04% | 12.82% |
| Free Cash Flow Margin | -3.54% | -2.63% | -1.73% | -4.81% | -3.09% | 6.24% |
| EBITDA | 141.33M | 136.24M | 98.53M | 55.76M | 55.84M | 131.11M |
| EBITDA Margin | 12.90% | 12.29% | 8.62% | 4.90% | 5.05% | 11.66% |
| D&A For EBITDA | 12.78M | 13.69M | 17.75M | 26.02M | 38.06M | 37.25M |
| EBIT | 128.55M | 122.55M | 80.78M | 29.74M | 17.78M | 93.86M |
| EBIT Margin | 11.73% | 11.05% | 7.06% | 2.61% | 1.61% | 8.35% |
| Effective Tax Rate | 27.73% | 31.64% | 18.66% | 2.98% | ||
| Revenue as Reported | 1.09B | 1.10B | 1.15B | 1.14B | 1.11B | 1.12B |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Investments in Debt Securities | 3.58B | 3.67B | 3.58B | 3.49B | 3.47B | 3.83B |
| Investments in Equity & Preferred Securities | 346.12M | 245.47M | 259.54M | 276.76M | 305.21M | 335.58M |
| Other Investments | 316.72M | 294.03M | 262.19M | 301.60M | 341.08M | 318.78M |
| Total Investments | 4.27B | 4.34B | 4.32B | 4.31B | 4.34B | 4.78B |
| Cash & Equivalents | 14.05M | 36.49M | 54.88M | 65.90M | 29.96M | 143.60M |
| Reinsurance Recoverable | 351.33M | 354.28M | 427.30M | 466.69M | 447.20M | 466.34M |
| Other Receivables | 237.51M | 227.76M | 228.90M | 235.57M | 254.09M | 249.00M |
| Deferred Policy Acquisition Cost | 60.34M | 57.41M | 59.03M | 60.34M | 58.15M | 58.94M |
| Property, Plant & Equipment | 13.16M | 13.82M | 16.51M | 16.27M | 18.99M | 19.59M |
| Goodwill | 5.50M | 5.50M | 5.50M | 5.50M | 49.61M | 49.61M |
| Other Intangible Assets | 47.61M | 48.54M | 54.21M | 60.31M | 66.83M | 73.34M |
| Other Current Assets | 38.18M | 32.46M | 30.92M | 31.15M | 29.12M | 24.57M |
| Long-Term Deferred Tax Assets | 126.16M | 121.87M | 163.93M | 186.16M | 209.53M | 117.61M |
| Other Long-Term Assets | 251.02M | 204.12M | 210.47M | 198.82M | 200.60M | 211.33M |
| Total Assets | 5.41B | 5.45B | 5.57B | 5.63B | 5.70B | 6.19B |
| Insurance & Annuity Liabilities | 2.98B | 3.02B | 3.26B | 3.40B | 3.47B | 3.58B |
| Unearned Premiums | 444.23M | 403.88M | 418.76M | 433.71M | 422.95M | 433.96M |
| Reinsurance Payable | 20.67M | 14.42M | 27.29M | 24.02M | 28.51M | 22.63M |
| Current Portion of Long-Term Debt | 249.46M | |||||
| Current Portion of Leases | 3.24M | |||||
| Long-Term Debt | 419.31M | 420.42M | 424.87M | 427.13M | 177.53M | 424.99M |
| Long-Term Leases | 13.98M | 11.40M | 17.39M | 17.18M | 20.01M | 20.84M |
| Other Current Liabilities | 286.00K | 66.46M | ||||
| Other Long-Term Liabilities | 194.58M | 226.30M | 226.52M | 216.62M | 226.38M | 214.28M |
| Total Liabilities | 4.08B | 4.10B | 4.37B | 4.52B | 4.60B | 4.76B |
| Common Stock | 642.00K | 640.00K | 638.00K | 636.00K | 634.00K | 633.00K |
| Additional Paid-In Capital | 412.70M | 413.59M | 408.47M | 403.55M | 397.92M | 392.94M |
| Retained Earnings | 1.49B | 1.49B | 1.43B | 1.38B | 1.42B | 1.43B |
| Treasury Stock | -469.69M | -469.69M | -469.69M | -469.70M | -419.21M | -415.96M |
| Comprehensive Income & Other | -98.98M | -81.05M | -172.39M | -204.49M | -298.61M | 16.28M |
| Shareholders' Equity | 1.34B | 1.35B | 1.20B | 1.11B | 1.10B | 1.43B |
| Total Liabilities & Equity | 5.41B | 5.45B | 5.57B | 5.63B | 5.70B | 6.19B |
| Filing Date Shares Outstanding | 51.61M | 51.41M | 51.16M | 50.97M | 53.96M | 53.99M |
| Total Common Shares Outstanding | 51.61M | 51.41M | 51.16M | 50.97M | 53.96M | 53.98M |
| Total Debt | 433.28M | 435.06M | 442.26M | 444.31M | 446.99M | 445.83M |
| Net Cash (Debt) | -419.23M | -398.57M | -387.38M | -378.41M | -417.03M | -302.23M |
| Net Cash Per Share | -8.10 | -7.71 | -7.56 | -7.17 | -7.70 | -5.59 |
| Book Value Per Share | 25.94 | 26.24 | 23.49 | 21.82 | 20.46 | 26.46 |
| Tangible Book Value | 1.29B | 1.30B | 1.14B | 1.05B | 987.57M | 1.31B |
| Tangible Book Value Per Share | 24.91 | 25.19 | 22.32 | 20.53 | 18.30 | 24.18 |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 65.20M | 50.91M | 52.74M | -38.60M | -402.00K | 144.12M |
| Depreciation & Amortization | 12.78M | 13.69M | 17.75M | 26.02M | 38.06M | 37.25M |
| Gain (Loss) on Sale of Assets | -2.21M | |||||
| Gain (Loss) on Sale of Investments | 7.22M | 5.49M | -1.90M | -13.83M | 33.16M | -24.31M |
| Stock-Based Compensation | 8.33M | 7.85M | 6.20M | 5.25M | 4.83M | 4.39M |
| Change in Accounts Receivable | 9.49M | 605.00K | 6.67M | 10.53M | -5.00M | 71.20M |
| Reinsurance Recoverable | 32.21M | 36.44M | 43.20M | -26.02M | 20.48M | 16.93M |
| Change in Unearned Revenue | -19.47M | -14.93M | -14.96M | 10.77M | -11.01M | -105.99M |
| Change in Insurance Reserves / Liabilities | -200.49M | -165.73M | -143.59M | -69.87M | -108.79M | -19.68M |
| Change in Other Net Operating Assets | 24.63M | 17.48M | 12.72M | -7.35M | -20.17M | 50.44M |
| Other Operating Activities | 16.71M | 18.18M | 11.49M | 532.00K | -6.38M | -86.57M |
| Operating Cash Flow | -35.33M | -25.62M | -10.71M | -49.88M | -29.84M | 73.97M |
| Capital Expenditures | -3.46M | -3.60M | -9.02M | -4.79M | -4.35M | -3.84M |
| Sale of Property, Plant & Equipment | 19.31M | |||||
| Cash Acquisitions | -221.58M | |||||
| Investment in Securities | 18.95M | 12.57M | 17.85M | 141.07M | -48.68M | 110.05M |
| Other Investing Activities | 4.23M | 2.26M | 1.84M | 4.86M | -8.96M | 29.84M |
| Investing Cash Flow | 19.72M | 19.44M | 10.67M | 141.14M | -62.00M | -85.53M |
| Long-Term Debt Issued | 250.00M | |||||
| Total Debt Repaid | -6.25M | -6.25M | -4.69M | -250.00M | -36.11M | |
| Net Debt Issued (Repaid) | -6.25M | -6.25M | -4.69M | -36.11M | ||
| Issuance of Common Stock | 8.00K | 3.50M | ||||
| Repurchases of Common Stock | -3.23M | -3.31M | -5.01M | -50.49M | -12.18M | -10.38M |
| Common Dividends Paid | -5.38M | -10.77M | -10.76M | |||
| Other Financing Activities | -4.39M | -2.65M | -1.28M | -2.95M | 1.14M | -3.38M |
| Financing Cash Flow | -13.87M | -12.20M | -10.97M | -55.31M | -21.80M | -60.62M |
| Net Cash Flow | -29.49M | -18.39M | -11.02M | 35.94M | -113.64M | -72.18M |
| Free Cash Flow | -38.80M | -29.22M | -19.73M | -54.67M | -34.19M | 70.13M |
| Free Cash Flow Margin | -3.54% | -2.63% | -1.73% | -4.81% | -3.09% | 6.24% |
| Free Cash Flow Per Share | -0.75 | -0.56 | -0.39 | -1.04 | -0.63 | 1.30 |
| Levered Free Cash Flow | 47.40M | 163.08M | 81.31M | 27.07M | 18.46M | 80.40M |
| Unlevered Free Cash Flow | 60.38M | 176.11M | 95.28M | 41.54M | 31.19M | 92.72M |
| Cash Interest Paid | 19.05M | 19.05M | 23.43M | 22.31M | 19.68M | 14.50M |
| Cash Income Tax Paid | 8.28M | 8.28M | 3.87M | 14.98M | 2.34M | -9.51M |
| Change in Working Capital | -153.62M | -126.13M | -95.96M | -81.94M | -124.50M | 12.90M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 1.29B | 1.24B | 813.90M | 702.87M | 942.74M | 1.37B |
| Enterprise Value | 1.71B | 1.62B | 1.21B | 1.08B | 1.35B | 1.62B |
| PE Ratio | 19.88 | 24.40 | 15.43 | 9.48 | ||
| PS Ratio | 1.18 | 1.12 | 0.71 | 0.62 | 0.85 | 1.22 |
| PB Ratio | 0.96 | 0.92 | 0.68 | 0.63 | 0.85 | 0.96 |
| P/FCF Ratio | 19.48 | |||||
| P/OCF Ratio | 18.46 | |||||
| EV/Sales Ratio | 1.56 | 1.47 | 1.06 | 0.95 | 1.22 | 1.44 |
| EV/EBITDA Ratio | 12.10 | 11.92 | 12.31 | 19.45 | 24.16 | 12.34 |
| EV/EBIT Ratio | 13.30 | 13.26 | 15.01 | 36.46 | 75.89 | 17.23 |
| EV/FCF Ratio | 23.06 | |||||
| Debt / Equity Ratio | 0.32 | 0.32 | 0.37 | 0.40 | 0.41 | 0.31 |
| Debt / EBITDA Ratio | 3.00 | 3.12 | 4.34 | 7.42 | 7.36 | 3.28 |
| Debt / FCF Ratio | 6.36 | |||||
| Net Debt / Equity Ratio | 0.31 | 0.29 | 0.32 | 0.34 | 0.38 | 0.21 |
| Net Debt / EBITDA Ratio | 2.97 | 2.92 | 3.93 | 6.79 | 7.47 | 2.31 |
| Net Debt / FCF Ratio | -10.81 | -13.64 | -19.63 | -6.92 | -12.20 | 4.31 |
| Quick Ratio | 1.23 | 1.59 | 1.63 | 1.62 | 1.02 | 1.66 |
| Current Ratio | 2.06 | 2.51 | 2.66 | 2.71 | 1.70 | 2.60 |
| Asset Turnover | 0.20 | 0.20 | 0.20 | 0.20 | 0.19 | 0.21 |
| Return on Equity (ROE) | 5.07% | 3.99% | 4.56% | -3.48% | -0.03% | 10.38% |
| Return on Assets (ROA) | 1.47% | 1.39% | 0.90% | 0.33% | 0.19% | 1.08% |
| Return on Invested Capital (ROIC) | 5.22% | 4.89% | 4.11% | 1.91% | 1.04% | 5.16% |
| Earnings Yield | 5.05% | 4.10% | 6.48% | -5.49% | -0.04% | 10.55% |
| FCF Yield | -3.01% | -2.35% | -2.42% | -7.78% | -3.63% | 5.13% |
| Dividend Yield | 0.36% | 1.15% | 0.79% | |||
| Payout Ratio | 7.46% | |||||
| Buyback Yield / Dilution | -0.82% | -0.79% | 2.88% | 2.50% | -0.15% | -0.28% |
| Total Shareholder Return | -0.82% | -0.79% | 2.88% | 2.86% | 0.99% | 0.51% |