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BIRMINGHAM, Ala. (AP) _ ProAssurance Corp. (PRA) on Monday reported fourth-quarter net income of $14.3 million, after reporting a loss in the same period a year earlier.
The Birmingham, Alabama-based company said it had net income of 27 cents per share. Earnings, adjusted for investment gains, came to 6 cents per share.
The results exceeded Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 4 cents per share.
The medical professional liability insurer posted revenue of $229.6 million in the period. Its adjusted revenue was $214.1 million, which also beat Street forecasts. Four analysts surveyed by Zacks expected $210.1 million.
For the year, the company reported a loss of $175.7 million, or $3.26 per share, swinging to a loss in the period. Revenue was reported as $859.3 million.
ProAssurance shares have increased 34% since the beginning of the year. In the final minutes of trading on Monday, shares hit $23.90, a fall of 26% in the last 12 months.