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Mar 31, 2022
ProAssurance Q1 2022 Earnings Report
ProAssurance reported a net loss for Q1 2022, but operating income increased due to improved underwriting results and net investment income.
Key Takeaways
ProAssurance Corporation reported a net loss of $3.6 million for the first quarter of 2022, but operating income increased to $7.7 million. The results were driven by improved underwriting results in the Specialty Property & Casualty and Lloyd's Syndicates segments, as well as an increase in net investment income.
Gross premiums written increased to $335.6 million (+49.3%) and net premiums earned increased to $265.7 million (+41.8%), driven by the addition of NORCAL premiums.
Targeted application of pricing increases and judicious underwriting led to an average increase of 10% in Standard Physician pricing.
Consolidated combined ratio, excluding transaction-related costs, improved to 105.4% (-4.2 points).
Net investment income increased to $20.4 million (+36.1%) due to the addition of the NORCAL invested assets.
Forward Guidance
No specific forward guidance was provided in the release.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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