* Q3 net income falls 49 pct
* Q3 realized investment losses $34.2 mln
* Q3 net premiums earned down 16 pct to $113.4 mln
* Q3 oper earnings rise 3 pct
Nov 3 (Reuters) - Property and casualty insurer ProAssurance Corp posted a 49 percent fall in third-quarter profit, hurt by investment losses and a decrease in net premiums earned.
The company reported a net income of $22.2 million, compared with $43.1 million a year ago. Operating earnings stood at $44.3 million.
Realized investment losses for the quarter included $9.5 million on Fannie Mae and Freddie Mac preferred stock and $18.9 million on Lehman Brothers senior notes, ProAssurance said.
Total expenses fell 23 percent to $90.9 million.
'Expenses were lower than the year-ago quarter and continue to be within our expectations. However, declining premiums have the effect of moving the expense ratio higher,' the company said.
ProAssurance's combined ratio, which is the percentage of premiums an insurer has to pay out in claims and expenses, was 79.1 percent, compared with 85.2 percent a year ago. A lower number means the insurer makes more money.
Shares of the company closed at $54.49 Monday on the New York Stock Exchange.
(Reporting by Adheesha Sarkar in Bangalore; Editing by Deepak Kannan) Keywords: PROASSURANCE/ (adheesha.sarkar@reuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging: adheesha.sarkar.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2008. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
* Q3 realized investment losses $34.2 mln
* Q3 net premiums earned down 16 pct to $113.4 mln
* Q3 oper earnings rise 3 pct
Nov 3 (Reuters) - Property and casualty insurer ProAssurance Corp posted a 49 percent fall in third-quarter profit, hurt by investment losses and a decrease in net premiums earned.
The company reported a net income of $22.2 million, compared with $43.1 million a year ago. Operating earnings stood at $44.3 million.
Realized investment losses for the quarter included $9.5 million on Fannie Mae and Freddie Mac preferred stock and $18.9 million on Lehman Brothers senior notes, ProAssurance said.
Total expenses fell 23 percent to $90.9 million.
'Expenses were lower than the year-ago quarter and continue to be within our expectations. However, declining premiums have the effect of moving the expense ratio higher,' the company said.
ProAssurance's combined ratio, which is the percentage of premiums an insurer has to pay out in claims and expenses, was 79.1 percent, compared with 85.2 percent a year ago. A lower number means the insurer makes more money.
Shares of the company closed at $54.49 Monday on the New York Stock Exchange.
(Reporting by Adheesha Sarkar in Bangalore; Editing by Deepak Kannan) Keywords: PROASSURANCE/ (adheesha.sarkar@reuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging: adheesha.sarkar.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2008. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.