UPDATE 1-ProAssurance Q3 operating profit tops Street view
* Q3 oper profit $1.58 vs est $1.23
* Net premiums earned rise 16 pct
Nov 2 (Reuters) - Property and casualty insurer ProAssurance Corp (PRA.N) posted an 18 percent rise in third-quarter operating profit, topping analysts' average estimate, helped mainly by higher premiums earned and investment gains.
The company posted net income of $55.2 million, or $1.67 a share, compared with $22.2 million, or $0.66 cents a share, a year earlier.
Operating earnings, a measure most commonly used by insurance analysts, was $1.58 a share.
Analysts on average were looking for a profit of $1.23 a share, excluding special items, according to Thomson Reuters I/B/E/S.
Net premiums earned rose 16 percent to $132.0 million, while net investment income fell 3 percent to $38.6 million.
Net realized investment gains stood at $7.3 million, compared with a loss of $34.2 million a year ago.
The company said combined ratio was 74.6 percent, compared with 79 percent in the prior-year quarter.
Combined ratio is the percentage of premiums an insurer has to pay out in claims and expenses. A lower figure means the insurer earns more money.
Shares of the company closed at $50.73 Monday on the New York Stock Exchange. (Reporting by Archana Shankar in Bangalore; Editing by Anne Pallivathuckal)
