- Special Report: Syria's Islamists seize control as moderates dither
- Stocks, bond prices drop as Fed points to reduced bond buying
- Obama defends U.S. intelligence strategy in wary Berlin |
- Wall St. drops after Bernanke hints at slowing stimulus |
- Tropical Storm Barry forms in the southern Gulf of Mexico -NHC
ProAssurance 2nd-qtr beats on lower expenses
* Second-quarter operating EPS $1.92 vs est $1.52
* Second-quarter net investment income down 5 pct
* Second-quarter total expenses down 14 pct
Aug 6 (Reuters) - Property and casualty insurer ProAssurance Corp posted a second-quarter profit above analysts' expectations, aided by a fall in expenses.
Net income for the quarter rose to $58.5 million, or $1.89 per share, from $55.1 million, or $1.79 per share, last year.
Operating profit was $1.92 per share.
Analysts on average expected the company to earn $1.52 per share, according to Thomson Reuters I/B/E/S.
Net investment income fell 5 percent to $34.5 million.
Net premiums earned declined 4 percent to $131.3 million.
The company's expenses fell about 14 percent to $84.3 million.
ProAssurance said combined ratio, the percentage of premium revenue an insurer has to pay out in claims and expenses, was 63.4 percent, compared with 71 percent a year earlier.
Shares of the Birmingham, Alabama-based company closed at $90.56 on Monday on the New York Stock Exchange.
- Tweet this
- Share this
- Digg this