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PROASSURANCE CORP (PRA)
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| Income Statement |
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Annual | Quarterly | TTM |
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| In millions, except per share items | Dec-31-22 | Dec-31-21 | Dec-31-20 | Dec-31-19 | Dec-31-18 | Dec-31-17 | Dec-31-16 | Dec-31-15 |
| | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K |
| Revenues: |
| Specialty P&C | | | | | | 449.8 | 454.5 | |
| Corporate | 56.2 | 87.7 | 78.4 | 87.1 | 87.0 | 92.9 | 97.9 | |
| Other | 1,050.4 | 1,036.7 | 796.5 | 912.7 | 799.1 | 323.5 | 317.8 | |
| Total revenues | 1,106.7 | 1,124.4 | 874.9 | 999.8 | 886.0 | 866.1 | 870.2 | 772.1 |
| Revenue growth | -1.6% | 28.5% | -12.5% | 12.8% | 2.3% | -0.5% | 12.7% | -9.4% |
| Loss and loss adjustment expenses | 776.8 | 752.2 | 661.4 | 753.9 | 593.2 | 469.2 | 443.2 | 410.7 |
| Policy acquisition costs | 133.2 | 110.6 | 110.6 | 115.3 | 104.5 | 95.8 | 88.4 | 79.6 |
| Investment expenses | 8.3 | 11.1 | 6.4 | 6.5 | 6.7 | 7.0 | 6.1 | 6.1 |
| Other operating expenses | 174.3 | 84.1 | 298.1 | 136.3 | 136.5 | 148.8 | 141.3 | 132.3 |
| Equity in earnings | 4.9 | 49.0 | -11.9 | -10.1 | 8.9 | 8.0 | -5.8 | 3.7 |
| EBITDA | 68.9 | 212.5 | -14.3 | 5.5 | 65.9 | 174.3 | 224.0 | 179.7 |
| EBITDA margin | 6.2% | 18.9% | -1.6% | 0.6% | 7.4% | 20.1% | 25.7% | 23.3% |
| Depreciation | 38.1 | 37.2 | 21.4 | 18.7 | 21.3 | 28.8 | 32.8 | 36.2 |
| EBIT | 30.8 | 175.3 | -35.7 | -13.1 | 44.7 | 145.5 | 191.2 | 143.5 |
| EBIT margin | 2.8% | 15.6% | -4.1% | -1.3% | 5.0% | 16.8% | 22.0% | 18.6% |
| Interest expense, net [+] | 20.4 | -26.0 | 15.5 | 16.6 | 16.1 | 30.0 | 25.9 | 34.5 |
| Interest expense | 20.4 | 19.7 | 15.5 | 16.6 | 16.1 | 16.8 | 15.0 | 14.6 |
| Interest income | | 45.8 | | | | -13.2 | -10.8 | -19.9 |
| Other income (expense), net | -9.4 | -8.9 | -6.5 | | | | | |
| Pre-tax income | -6.2 | 146.6 | -217.1 | -28.8 | 29.0 | 128.6 | 176.2 | 128.9 |
| Income taxes | -5.8 | 2.5 | -41.3 | -29.8 | -18.0 | 21.4 | 25.1 | 12.7 |
| Tax rate | 93.5% | 1.7% | 19.0% | 103.5% | | 16.6% | 14.3% | 9.8% |
| Net income | -0.4 | 144.1 | -175.7 | 1.0 | 47.1 | 107.3 | 151.1 | 116.2 |
| Net margin | 0.0% | 12.8% | -20.1% | 0.1% | 5.3% | 12.4% | 17.4% | 15.0% |
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| Basic EPS | ($0.01) | $2.67 | ($3.26) | $0.02 | $0.88 | $2.01 | $2.84 | $2.12 |
| Diluted EPS | ($0.01) | $2.67 | ($3.26) | $0.02 | $0.88 | $2.00 | $2.83 | $2.11 |
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| Shares outstanding (basic) | 54.0 | 54.0 | 53.9 | 53.7 | 53.6 | 53.4 | 53.2 | 54.8 |
| Shares outstanding (diluted) | 54.1 | 54.1 | 53.9 | 53.8 | 53.7 | 53.6 | 53.4 | 55.0 |
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| EBIT is a non-GAAP figure that excludes all non-recurring expenses: restructuring costs, asset impairments, IPR&D writeoffs, and other unusual charges. |
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