ProAssurance (PRA) Q4 2025 earnings summary

Executive summary

• Reported net income of $33.4M ($0.64/diluted share) and operating income of $42.4M ($0.82/diluted share) for Q4 2025; full-year net income was $50.9M ($0.99/diluted share) and operating income was $83.9M ($1.62/diluted share).

• Operating performance reflects progress toward premium rate adequacy in medical professional liability and workers' compensation markets.

• Announced merger with The Doctors Company, pending regulatory approval, expected to close by June 30, 2026.

Financial highlights

• Consolidated net premiums written for 2025 were $916.9M, down 3.9% year-over-year.

• Net investment income increased 8.3% to $156.5M for the year.

• Book value per share rose to $26.24 at year-end 2025 from $23.49 at year-end 2024; Non-GAAP adjusted book value per share was $27.82, up from $26.86.

• Non-GAAP combined ratio improved to 104.2% for 2025 (from 109.0% in 2024); Q4 2025 Non-GAAP combined ratio was 90.3%.

• Return on equity for 2025 was 4.0%; Non-GAAP operating ROE was 6.6%.

Outlook and guidance

• Management anticipates closing the merger with The Doctors Company by June 30, 2026, pending regulatory approvals.

• Continued focus on premium rate adequacy and disciplined underwriting in challenging markets.