Q2 2024 ProAssurance Corp Earnings Call Transcript
Key Points
- ProAssurance Corp (PRA) reported operating earnings of $0.23 per share, benefiting from a 16% increase in net investment income.
- The net loss ratio for the Specialty P&C segment improved both sequentially and year-over-year.
- Renewal premiums within the Medical Professional Liability (MPL) lines of business increased by over 65% cumulatively since 2018.
- ProAssurance Corp (PRA) is leveraging predictive analytics and innovation tools to improve risk selection and enhance pricing decisions.
- The company reported an $8 million gain from investments in limited partnerships and LLCs, contributing to strong returns.
- Net written premiums for the Specialty P&C segment were flat, with new business below last year at $5 million.
- The Workers' Compensation segment's combined ratio was 113.2%, reflecting higher current accident year net loss ratio and increased expense ratio.
- Gross written premiums for Workers' Compensation were down just over 3%, with new business below last year at $5 million.
- Expenses and expense ratios are higher than last year, driven by compensation-related costs and lower overall headcount.
- The company continues to face challenges in achieving underwriting profitability in both Medical Professional Liability and Workers' Compensation segments due to current market conditions.
Good morning, everyone. Welcome to ProAssurance's conference call to discuss the company's second-quarter 2024 results. I would like to remind you that the call is being recorded and there will be time for questions after the conclusion of the prepared remarks.
Now I will turn the call over to Heather Wietzel to begin. Heather, please go ahead.
Good morning, everyone. ProAssurance issued its news release, investor presentation and report on Form 10-Q and second-quarter results yesterday, August 8. Included in those documents were cautionary statements about the significant risks, uncertainties and other factors that are out of the company's control and could affect ProAssurance's business and alter expected results. Please review those statements.
This morning, our management team will discuss selected aspects of the results on this call, and investors should review the 10-Q and news release for full and complete information. We expect to make statements on this
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
