ProAssurance reported a net loss of $22.0 million, or $0.41 per share, for the first quarter of 2020, compared to a net income of $31.65 million, or $0.59 per share, in the same quarter of 2019. The results were impacted by the COVID-19 pandemic, which led to steep declines in the mark-to-market values of the company's equity investments. The company also faced continued challenges in the healthcare professional liability market and intense competition in workers' compensation insurance. As a result of these factors, ProAssurance reduced its quarterly dividend from $0.31 per share to $0.05 per share.
ProAssurance reported a net loss of $22.0 million, or $0.41 per share, and an operating loss of $1.1 million, or $0.02 per share.
Consolidated gross premiums written were $262.4 million, a decrease of 6.2% from the same quarter in 2019.
Consolidated net premiums earned decreased 2.1% from the year-ago quarter to $203.9 million.
Net realized investment losses were $28.7 million, primarily due to changes in fair value of our equity portfolio and convertible securities attributable to the recent disruptions in the global financial markets related to COVID-19.
ProAssurance anticipates that the COVID-19 virus will have broad effects on the property and casualty industry and will ripple through the company's results for the rest of 2020, and possibly beyond.
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