ProAssurance Shares Up 6% In After-Hrs Following Improved Q4 Profit

ProAssurance

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(RTTNews) - Shares of ProAssurance Corp. (PRA) rose 6 percent on Monday's after-hours trading after the company posted significantly higher fourth-quarter profit, despite weak revenues and premiums.

The company posted net income of $16.17 million or $0.31 per share, a 153.6 percent surge from last year's $6.38 million or $0.12 per share. The company added that earnings benefited from solid returns from limited partnership investments.

On an adjusted basis, the property and casualty insurer's operating income came in at $18.27 million or $0.36 per share, compared to a loss of $2.77 million or $0.05 per share in the same period a year ago.

Quarterly revenues, however, declined 2.3 percent to $290.10 million from $296.96 million in the prior-year period.

Gross premiums written edged down 0.5 percent from last year to $207.67 million.

Net investment income for the period was up 9.2 percent to $36.81 million from $33.71 million a year ago.

On the NYSE, the stock was up 6 percent in the after-hours trading at $15.00. PRA closed Monday's regular trade at $14.11, up 0.86 percent.