ProAssurance Corporation (PRA) witnessed a remarkable surge in its stock price, soaring 15.15% during pre-market trading on Tuesday. This significant upward movement was primarily driven by the company's impressive fourth-quarter 2024 financial results and robust outlook, which exceeded analysts' expectations.
The medical professional liability insurer reported an adjusted earnings per share of $0.36, significantly outperforming the consensus estimate of $0.17. Additionally, ProAssurance's revenue of $241.07 million surpassed the expected $209.77 million, fueling investor confidence in the company's performance.
Key factors contributing to ProAssurance's strong quarterly performance included improved underwriting results, with its Specialty P&C segment achieving a combined ratio of 100.9%, a notable improvement from 104.8% in the prior-year quarter. The company attributed this to disciplined underwriting and pricing actions implemented by its management. Furthermore, net investment income rose by 9.2% year-over-year, benefiting from the higher interest rate environment and ProAssurance's reinvestment strategy.
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