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ProAssurance (PRA) investor relations material
ProAssurance Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Net income for Q2 2025 was $21.9M, up 41% year-over-year; six-month net income was $16.1M, down from $20.1M year-over-year.
Operating income for Q2 2025 was $26.8M; six-month operating income was $33.6M.
Book value per share increased to $24.80 at June 30, 2025; non-GAAP adjusted book value per share at $27.07.
Transaction with The Doctors Company approved by shareholders and FTC, expected to close in H1 2026 pending regulatory approvals.
Specialty P&C renewal premium increases of 10% in Q2, with cumulative premium change over 70% since 2018.
Financial highlights
Q2 2025 revenues $276.8M (down 4.7% year-over-year); six-month revenues $548.8M (down 4.6%).
Net premiums earned: $232.4M for Q2 2025 (down $7.5M year-over-year); $468.7M for six months (down $15.3M year-over-year).
Net investment income: $38.9M for Q2 2025 (up 6.5% year-over-year); $75.9M for six months (up 7.7%).
Combined ratio improved to 103.6% for Q2 2025 (from 110.9%); non-GAAP combined ratio 101.8%.
Return on equity (annualized): 7.0% for Q2 2025; non-GAAP operating ROE 8.5%.
Outlook and guidance
The pending merger with The Doctors Company is expected to close in the first half of 2026, subject to regulatory approvals.
Management anticipates continued focus on underwriting discipline, price adequacy, and cost management.
The company is evaluating the impact of recent U.S. tax law changes on its current and deferred taxes.
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