ProAssurance Cash Flow Statement

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

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	50.92	52.74	-38.6	-0.4	144.12
Depreciation & Amortization	13.69	17.75	26.02	38.06	37.25
Gain (Loss) on Sale of Assets	-2.21	-	-	-	-
Gain (Loss) on Sale of Investments	5.49	-1.9	-13.83	33.16	-24.31
Stock-Based Compensation	7.85	6.2	5.25	4.83	4.39
Change in Accounts Receivable	0.61	6.67	10.53	-5	71.21
Reinsurance Recoverable	36.44	43.2	-26.02	20.48	16.93
Change in Unearned Revenue	-14.93	-14.96	10.77	-11.01	-105.99
Change in Insurance Reserves / Liabilities	-165.73	-143.59	-69.87	-108.79	-19.68
Change in Other Net Operating Assets	17.48	12.72	-7.35	-20.17	50.44
Other Operating Activities	18.18	11.5	0.53	-6.38	-86.57
Operating Cash Flow	-25.62	-10.72	-49.89	-29.84	73.97
Operating Cash Flow Growth	-	-	-	-	-19.90%
Capital Expenditures	-3.6	-9.02	-4.79	-4.35	-3.84
Sale of Property, Plant & Equipment	19.31	-	-	-	-
Cash Acquisitions	-	-	-	-	-221.58
Investment in Securities	12.57	17.85	141.07	-48.68	110.05
Other Investing Activities	2.26	1.84	4.86	-8.96	29.84
Investing Cash Flow	19.44	10.67	141.14	-62	-85.53
Long-Term Debt Issued	-	-	250	-	-
Total Debt Repaid	-6.25	-4.69	-250	-	-36.11
Net Debt Issued (Repaid)	-6.25	-4.69	-	-	-36.11
Issuance of Common Stock	-	0.01	3.5	-	-
Repurchases of Common Stock	-3.31	-5.01	-50.49	-12.18	-10.38
Common Dividends Paid	-	-	-5.38	-10.77	-10.76
Other Financing Activities	-2.65	-1.29	-2.95	1.14	-3.38
Financing Cash Flow	-12.2	-10.97	-55.32	-21.81	-60.62
Net Cash Flow	-18.39	-11.02	35.94	-113.64	-72.18
Free Cash Flow	-29.22	-19.73	-54.68	-34.19	70.13
Free Cash Flow Growth	-	-	-	-	-17.36%
Free Cash Flow Margin	-2.63%	-1.73%	-4.81%	-3.09%	6.24%
Free Cash Flow Per Share	-0.56	-0.39	-1.04	-0.63	1.30
Cash Interest Paid	19.05	23.43	22.31	19.68	14.5
Cash Income Tax Paid	8.28	3.87	14.98	2.34	-9.51
Levered Free Cash Flow	163.08	81.31	27.07	18.46	80.4
Unlevered Free Cash Flow	176.11	95.28	41.54	31.19	92.72
Change in Working Capital	-126.13	-95.96	-81.94	-124.5	12.9

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Insurance template. Financial Sources.

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