US based property and casualty firm ProAssurance has reported a net income of $55.6m, or $1.80 diluted income per share, for the first quarter of 2012, compared to $47.7m, or $1.55 diluted income per share, for the same period in 2011.
The total revenues for the quarter rose to $180.57m, compared to $173.59m for the same period a year ago.
Operating income was $48.23m, or $1.56 diluted income per share, compared to $44.98m, or $1.46 diluted income per share, for the same period in the previous year.
Gross premiums written were increased 6% to $170m for the quarter, compared to $160.8m for the same period in the year-ago quarter.
Net investment income declined $3m to $33.49m for the quarter, compared to $36.16m for the same period last year, due to the persistent low interest rate environment.
ProAssurance was formed by the combination of Medical Assurance and Professionals Group.