ProAssurance Corporation Reports Q2 2024 Financial Results
Intellectia.AI Updated: 1970-01-01
ProAssurance Corporation Reports Q2 2024 Financial Results
ProAssurance Corporation has released its earnings report for the second quarter ending June 30, 2024.
Key Financial Metrics
| Metric | Q2 2024 | Q1 2024 | Q2 2023 | YoY Change | QoQ Change | Consensus Estimate | Performance vs Consensus |
|---|---|---|---|---|---|---|---|
| Total Revenue | $235.0M | $240.5M | $243.0M | -3.3% | -2.3% | $239.6M | Miss |
| Earnings Per Share (EPS) | $0.05 | $0.09 | $0.04 | +25% | -44.4% | $0.10 | Miss |
Interpretation : ProAssurance reported a slight decrease in total revenue and a noticeable decrease in EPS on a quarter-over-quarter basis, not meeting Wall Street consensus estimates. YoY comparison shows a minor improvement in EPS but a decline in total revenue.
Segment Performance
| Segment | Q2 2024 Revenue | Q1 2024 Revenue | Q2 2023 Revenue | Q2 2024 vs Q2 2023 |
|---|---|---|---|---|
| Specialty P&C | $160.0M | $161.3M | $163.4M | -2.1% |
| Workers' Compensation | $55.0M | $57.2M | $56.1M | -2.0% |
| Segregated Portfolio Cells | $10.0M | $11.0M | $11.5M | -13.0% |
| Corporate/Other | $10.0M | $11.0M | $12.0M | -16.7% |
Interpretation : All segments experienced a decline in quarterly revenue compared to both the first quarter of 2024 and the same quarter last year, with the Segregated Portfolio Cells and Corporate/Other segments seeing the largest declines.
Key Operational Data
| Operational Metric | Q2 2024 | Q1 2024 | Q2 2023 | YoY Change | QoQ Change |
|---|---|---|---|---|---|
| Combined Ratio | 105.0% | 100.7% | 109.4% | -4.4% | +4.3% |
| Operating Expenses | $90.0M | $88.5M | $87.5M | +2.9% | +1.7% |
Interpretation : ProAssurance’s combined ratio deteriorated on a QoQ basis, indicating worsening underwriting results, though it improved significantly from the prior year's quarter. Operating expenses increased compared to both Q1 2024 and Q2 2023.
Management Commentary
ProAssurance's CEO remarked: "While we faced challenges this quarter, leading to a decline in our key financial metrics, we remain focused on our strategic objectives and are confident in our ability to deliver value in the long term."
Dividends and Share Repurchase Program
The company did not announce any new dividends for the quarter. ProAssurance did not repurchase any shares during this quarter.
Forward Guidance
The company did not provide specific forward guidance for the upcoming quarter.
Market Reaction
Following the earnings release, ProAssurance's stock price saw a movement of +1.58%.
This concise summary encapsulates the key points from ProAssurance Corporation's Q2 2024 earnings report, highlighting the critical financial metrics, segment performance, and other relevant commentary.
