ProAssurance Corporation (PRA) Financial Statements (2024 and earlier)

Company Profile

Business Address 100 BROOKWOOD PLACE
BIRMINGHAM, AL 35209
State of Incorp. DE
Fiscal Year End December 31
Industry (SIC) 6331 - Fire, Marine, and Casualty Insurance (benchmarking)
More info Complete Financial Analysis Financial Benchmarking

Balance Sheet (Statement of Financial Position) ($ in thousands)

9/30/2023
MRQ
12/31/2022
12/31/2021
12/31/2020
12/31/2019
12/31/2018
12/31/2017
ASSETS
Current Assets
Cash, cash equivalents, and short-term investments462,444619,066722,152813,112831,7271,037,230
Cash and cash equivalents29,959143,602215,782175,36980,471134,495
Short-term investments432,485475,464506,370637,743751,256902,735
Total current assets:462,444619,066722,152813,112831,7271,037,230
Noncurrent Assets
Operating lease, right-of-use asset18,98719,59519,01321,074
Property, plant and equipment29,96830,34230,52930,41031,11431,975
Long-term investments and receivables95,770101,79447,06838,949 330,591
Long-term investments95,770101,79447,06838,949 330,591
Intangible assets, net (including goodwill)183,245196,246181,030352,282364,301376,677
Goodwill49,61049,61049,610210,725210,725210,725
Intangible assets, net (excluding goodwill)133,635146,636131,420141,557153,576165,952
Regulated entity, other noncurrent assets5429141,4001,7961,3071,649
Deferred costs27,90039,50030,60026,90024,100 
Deferred income tax assets209,535117,61357,10544,387
Total noncurrent assets:565,947506,004366,745515,798420,822740,892
Other undisclosed assets4,671,6085,066,4073,565,9063,476,6893,348,1773,151,075
TOTAL ASSETS:5,699,9996,191,4774,654,8034,805,5994,600,7264,929,197
LIABILITIES AND EQUITY
Liabilities
Current Liabilities
Noncurrent Liabilities
Other undisclosed liabilities4,595,9814,763,0903,305,5933,293,6863,077,7243,334,402
Total liabilities:4,595,9814,763,0903,305,5933,293,6863,077,7243,334,402
Equity
Equity, attributable to parent1,104,0181,428,3871,349,2101,511,9131,523,0021,594,795
Common stock634633632631630628
Treasury stock, value(419,214)(415,962)(415,962)(415,962)(417,277)(418,007)
Additional paid in capital397,919392,941388,150384,551384,713383,077
Accumulated other comprehensive income (loss)(298,607)16,28475,22736,955(16,911)14,911
Retained earnings1,423,2861,434,4911,301,1631,505,7381,571,8471,614,186
Total equity:1,104,0181,428,3871,349,2101,511,9131,523,0021,594,795
TOTAL LIABILITIES AND EQUITY:5,699,9996,191,4774,654,8034,805,5994,600,7264,929,197

Income Statement (P&L) ($ in thousands)

9/30/2023
TTM
12/31/2022
12/31/2021
12/31/2020
12/31/2019
12/31/2018
12/31/2017
Revenues1,106,6881,124,410874,940999,834886,030866,149
Premiums earned, net1,029,581971,668792,715847,532818,853
Cost of revenue(909,937)(862,854)(772,012)(869,245)(697,711)(564,909)
Policyholder benefits and claims incurred, net(776,762)(752,249)(661,447)(753,915)(593,210)
Deferred policy acquisition costs, amortization expense(133,175)(110,605)(110,565)(115,330)(104,501)(95,751)
Financial services costs(469,158)
Gross profit:196,751261,556102,928130,589188,319301,240
Operating expenses(174,163)(157,641)(288,431)(138,178)(134,055)(140,002)
Operating income (loss):22,588103,915(185,503)(7,589)54,264161,238
Nonoperating income
(Investment Income, Nonoperating)
  74,408    
Interest and debt expense(20,372)(19,719)(15,503)(16,636)(16,117)(16,844)
Income (loss) from continuing operations before equity method investments, income taxes:2,216158,604(201,006)(24,225)38,147144,394
Other undisclosed loss from continuing operations before income taxes(8,432)(11,997)(16,050)(4,579)(9,122)(15,771)
Income (loss) from continuing operations before income taxes:(6,216)146,607(217,056)(28,804)29,025128,623
Income tax expense (benefit)5,814(2,483)41,32929,80818,032(21,359)
Income (loss) from continuing operations:(402)144,124(175,727)1,00447,057107,264
Income (loss) before gain (loss) on sale of properties:144,124(175,727)1,00447,057107,264
Net income (loss) available to common stockholders, diluted:(402)144,124(175,727)1,00447,057107,264

Comprehensive Income ($ in thousands)

9/30/2023
TTM
12/31/2022
12/31/2021
12/31/2020
12/31/2019
12/31/2018
12/31/2017
Net income (loss):(402)144,124(175,727)1,00447,057107,264
Other comprehensive income (loss)(314,891)(58,943)38,27253,866(35,238)(2,488)
Comprehensive income (loss), net of tax, attributable to parent:(315,293)85,181(137,455)54,87011,819104,776

Statements Sources

The financial statements are based on the Company's filings with the U.S. Securities and Exchange Commission (SEC) through the Electronic Data Gathering, Analysis, and Retrieval system (EDGAR). The information is derived from the 10-K and 10-Q reports submitted to the SEC in XBRL (eXtensible Business Reporting Language) format and presented according to the US GAAP Taxonomy. Please review the original filings for a more detailed information.

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