ProAssurance Cash Flow Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Net Income	33.71	52.74	-38.6	-0.4	144.12	-175.73
Depreciation & Amortization	14.78	17.75	26.02	38.06	37.25	21.38
Gain (Loss) on Sale of Investments	3.87	-1.9	-13.83	33.16	-24.31	-15.68
Stock-Based Compensation	8.13	6.2	5.25	4.83	4.39	3.84
Change in Accounts Receivable	8.77	6.67	10.53	-5	71.21	42.99
Reinsurance Recoverable	55.51	43.2	-26.02	20.48	16.93	-2.05
Change in Unearned Revenue	-19.56	-14.96	10.77	-11.01	-105.99	-51.54
Change in Insurance Reserves / Liabilities	-147.18	-143.59	-69.87	-108.79	-19.68	70.65
Change in Other Net Operating Assets	11.47	12.72	-7.35	-20.17	50.44	0.88
Other Operating Activities	17.91	11.5	0.53	-6.38	-86.57	-12.1
Operating Cash Flow	-12.71	-10.72	-49.89	-29.84	73.97	92.34
Operating Cash Flow Growth	-	-	-	-	-19.90%	-37.68%
Capital Expenditures	-5.9	-9.02	-4.79	-4.35	-3.84	-7.48
Cash Acquisitions	-	-	-	-	-221.58	-
Investment in Securities	24.72	17.85	141.07	-48.68	110.05	13.76
Other Investing Activities	9.29	1.84	4.86	-8.96	29.84	-14.77
Investing Cash Flow	37.26	10.67	141.14	-62	-85.53	-8.48
Long-Term Debt Issued	-	-	250	-	-	-
Total Debt Repaid	-6.25	-4.69	-250	-	-36.11	-1.5
Net Debt Issued (Repaid)	-6.25	-4.69	-	-	-36.11	-1.5
Issuance of Common Stock	0.01	0.01	3.5	-	-	-
Repurchases of Common Stock	-6.49	-5.01	-50.49	-12.18	-10.38	-2.35
Common Dividends Paid	-	-	-5.38	-10.77	-10.76	-38.66
Other Financing Activities	-2.66	-1.29	-2.95	1.14	-3.38	-0.94
Financing Cash Flow	-15.39	-10.97	-55.32	-21.81	-60.62	-43.45
Net Cash Flow	9.16	-11.02	35.94	-113.64	-72.18	40.41
Free Cash Flow	-18.61	-19.73	-54.68	-34.19	70.13	84.87
Free Cash Flow Growth	-	-	-	-	-17.36%	-38.76%
Free Cash Flow Margin	-1.66%	-1.73%	-4.79%	-3.09%	6.24%	9.70%
Free Cash Flow Per Share	-0.36	-0.39	-1.04	-0.63	1.30	1.57
Cash Interest Paid	23.43	23.43	22.31	19.68	14.5	14.71
Cash Income Tax Paid	1.37	1.37	-11.2	2.34	-9.51	-8.83
Levered Free Cash Flow	-5.76	81.31	28.75	18.46	80.4	98.45
Unlevered Free Cash Flow	7.34	95.28	43.22	31.19	92.72	108.14
Change in Working Capital	-91	-95.96	-81.94	-124.5	12.9	60.93

Source: S&P Global Market Intelligence. Insurance template. Financial Sources.