ProAssurance Corporation PRA reported first-quarter 2016 operating earnings per share of 46 cents, in line with the Zacks Consensus Estimate. However, the bottom line decreased 24.6% year over year mainly due to higher expenses.Operational UpdateProAssurance’s total revenue inched up nearly 2% year over year to $205.4 million on higher earned premiums. Also, the top line was met the Zacks Consensus Estimate.Gross premiums written by ProAssurance dipped 0.4% year over year to $220.5 million. Though premiums increased 2.9% in Workers' Compensation and 46.8% in Lloyd's segment, the upside was offset by a 3.7% decline in the Specialty Property and Casualty segment.Total expenses increased 6.4% year over year to $172.7 million. The rise in costs mainly stemmed from increased net losses and loss adjustment expenses as well as higher underwriting, policy acquisition and operating charges.Net investment income of ProAssurance came in at $25.4 million, down 6.8% year over year.Financial RatiosProAssurance’s net loss ratio deteriorated 130 basis points (bps) to 62.5% compared with 61.2% in the prior-year quarter.Expense ratio deteriorated 210 bps to 32.0% from 29.9% in the year-ago quarter.Combined ratio deteriorated 340 bps to 94.5% from 91.1% in the prior-year quarter, while operating ratio increased 500 bps year over year to 80.2%. Return on equity was 3.9% as against 7.1% in the year-ago quarter.Financial PositionProAssurance’s total assets were $4.89 billion as of Mar 31, 2016, down 0.2% from $4.91 billion in the year-ago quarter.The property and casualty (P&C) insurer’s shareholder equity was $1.98 billion as of Mar 31, 2016, up 1.3% from $1.96 billion as of Dec 31, 2015. Book value per share increased approximately 1.1% to $37.30 as of Mar 31, 2016 from $36.88 as of Dec 31, 2015.Share Repurchase UpdateProAssurance bought back about 0.03 million shares worth around $1.3 million in the first quarter and another $0.3 million worth shares in April. As of Apr 29, 2016, approximately $110.1 million worth shares remained under its authorization.Zacks Rank and Performances of Other P&C InsurersProAssurance carries a Zacks Rank #4 (Sell). Among other P&C insurers that reported their first-quarter earnings so far, the bottom line at RLI Corp. RLI and First American Financial Corporation FAF beat their respective Zacks Consensus Estimate, Progressive Corp. PGR missed the same.Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report RLI CORP (RLI): Free Stock Analysis Report PROASSURANCE CP (PRA): Free Stock Analysis Report PROGRESSIVE COR (PGR): Free Stock Analysis Report FIRST AMER FINL (FAF): Free Stock Analysis Report To read this article on Zacks.com click here.