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ProAssurance
ProAssurance (PRA) investor relations material
ProAssurance Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary4 Nov, 2025
Executive summary
Net income for Q3 2025 was $1.4 million, down from $16.4 million in Q3 2024; nine-month net income was $17.5 million, down from $36.6 million year-over-year.
Operating income for Q3 2025 was $7.9 million ($0.15 per diluted share); nine-month operating income was $41.5 million ($0.80 per share).
Revenues for Q3 2025 were $279.6 million, a decrease from $285.3 million in Q3 2024; nine-month revenues were $828.4 million, down from $860.3 million year-over-year.
Announced a definitive merger agreement with The Doctors Company, with shareholders approving the deal and regulatory reviews ongoing; closing anticipated by June 30, 2026.
Operating performance reflects ongoing premium rate increases in medical professional liability and workers' compensation markets.
Financial highlights
Net premiums earned for Q3 2025 were $233.4 million, down 4% year-over-year; nine-month net premiums earned were $702.1 million, down 3.5%.
Consolidated net premiums written for Q3 2025 were $261.3 million, down 6.5% year-over-year; nine-month net premiums written were $811.2 million, down 4.2%.
Net investment income increased 8.5% in Q3 2025 to $40.4 million and 8% for the nine months to $116.3 million.
Book value per share at September 30, 2025 was $25.37, up from $23.49 at December 31, 2024; Non-GAAP adjusted book value per share was $27.14, up from $26.86.
Non-GAAP operating income for Q3 2025 was $7.9 million, down 52% year-over-year; for the nine months, it was $41.5 million, up 36.3%.
Outlook and guidance
The company anticipates closing the merger with The Doctors Company by June 30, 2026, pending remaining regulatory approvals.
Management expects continued expense pressure from merger-related costs and ongoing competitive market conditions.
Continued focus on premium rate adequacy and disciplined underwriting in challenging market conditions.
What are the remaining regulatory approvals for merger?
Is rate adequacy strategy improving MPL profitability?
What are the largest non-operating impacts on income?
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Next ProAssurance earnings date
Q4 202525 Feb, 2026
ProAssurance
Next ProAssurance earnings date
Q4 202525 Feb, 2026
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Frequently asked questions
ProAssurance Corporation is a specialty insurer focused on providing professional liability insurance and risk management solutions. The company primarily serves healthcare professionals, medical groups, hospitals, and other healthcare-related entities. In addition to medical professional liability coverage, ProAssurance offers workers' compensation insurance and legal professional liability insurance. The company is headquartered in Birmingham, Alabama, and its shares are listed on the NYSE.
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