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Mercury General Corporation Announces Third Quarter Results and Declares Quarterly Dividend

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Mercury General (NYSE: MCY) reported strong Q3 2024 results with significant improvements across key metrics. Net income reached $230.9 million ($4.17 per diluted share), compared to a loss of $8.2 million in Q3 2023. Net premiums earned increased 21.1% to $1.32 billion, while net premiums written grew 17.9% to $1.42 billion. The combined ratio improved to 93.6% from 98.6%. Investment performance showed notable strength with net realized investment gains of $90.4 million, compared to losses of $71.1 million in the prior year. The company declared a quarterly dividend of $0.3175 per share, payable December 26, 2024.

Mercury General (NYSE: MCY) ha riportato risultati solidi per il terzo trimestre del 2024, con miglioramenti significativi in vari indicatori chiave. Il reddito netto ha raggiunto i 230,9 milioni di dollari (4,17 dollari per azione diluita), rispetto a una perdita di 8,2 milioni di dollari nel Q3 del 2023. I premi netti guadagnati sono aumentati del 21,1% fino a 1,32 miliardi di dollari, mentre i premi netti scritti sono cresciuti del 17,9% fino a 1,42 miliardi di dollari. Il rapporto combinato è migliorato al 93,6%, rispetto al 98,6%. Le performance degli investimenti hanno mostrato una notevole forza, con guadagni netti realizzati sugli investimenti di 90,4 milioni di dollari, rispetto a perdite di 71,1 milioni di dollari nell'anno precedente. L'azienda ha dichiarato un dividendo trimestrale di 0,3175 dollari per azione, pagabile il 26 dicembre 2024.

Mercury General (NYSE: MCY) reportó resultados sólidos para el tercer trimestre de 2024, con mejoras significativas en diversos indicadores clave. El ingreso neto alcanzó los 230.9 millones de dólares (4.17 dólares por acción diluida), en comparación con una pérdida de 8.2 millones de dólares en el Q3 de 2023. Las primas netas ganadas aumentaron un 21.1% hasta 1.32 mil millones de dólares, mientras que las primas netas suscritas crecieron un 17.9% hasta 1.42 mil millones de dólares. La relación combinada mejoró al 93.6%, frente al 98.6%. El desempeño de las inversiones mostró una notable fortaleza con ganancias netas realizadas de 90.4 millones de dólares, en comparación con pérdidas de 71.1 millones de dólares en el año anterior. La compañía declaró un dividendo trimestral de 0.3175 dólares por acción, pagadero el 26 de diciembre de 2024.

머큐리 제너럴 (NYSE: MCY)은 2024년 3분기 강력한 실적을 보고하며 주요 지표에서 상당한 개선을 보였습니다. 순이익은 2억 3천 9백만 달러(희석 주당 4.17달러)에 달했으며, 이는 2023년 3분기의 820만 달러 손실에 비해 개선된 수치입니다. 순보험료 수익은 21.1% 증가하여 13억 2천만 달러에 이르렀고, 순보험료 인수는 17.9% 성장하여 14억 2천만 달러에 도달했습니다. 결합비율은 98.6%에서 93.6%로 개선되었습니다. 투자 성과는 9천 4백만 달러의 순 실현 투자 이익을 보여주며, 작년의 7천 1백만 달러의 손실에 비해 크게 개선된 결과입니다. 회사는 주당 0.3175달러의 분기 배당금을 선언했으며, 이는 2024년 12월 26일에 지급될 예정입니다.

Mercury General (NYSE: MCY) a annoncé des résultats solides pour le troisième trimestre 2024, avec des améliorations significatives dans plusieurs indicateurs clés. Le bénéfice net a atteint 230,9 millions de dollars (4,17 dollars par action diluée), par rapport à une perte de 8,2 millions de dollars au T3 2023. Les primes nettes gagnées ont augmenté de 21,1 % pour atteindre 1,32 milliard de dollars, tandis que les primes nettes souscrites ont crû de 17,9 % pour s'établir à 1,42 milliard de dollars. Le ratio combiné s'est amélioré à 93,6 %, contre 98,6 %. Les performances d'investissement ont montré une force notable avec des gains d'investissement réalisés nets de 90,4 millions de dollars, contre des pertes de 71,1 millions de dollars l'année précédente. L'entreprise a déclaré un dividende trimestriel de 0,3175 dollars par action, payable le 26 décembre 2024.

Mercury General (NYSE: MCY) hat für das dritte Quartal 2024 starke Ergebnisse gemeldet, mit signifikanten Verbesserungen in wichtigen Kennzahlen. Der Nettogewinn betrug 230,9 Millionen Dollar (4,17 Dollar pro verwässerter Aktie), im Vergleich zu einem Verlust von 8,2 Millionen Dollar im Q3 2023. Die verdienten Netto-Prämien stiegen um 21,1 % auf 1,32 Milliarden Dollar, während die geschriebenen Netto-Prämien um 17,9 % auf 1,42 Milliarden Dollar zulegten. Die kombinierte Quote verbesserte sich auf 93,6 % von 98,6 %. Die Investitionsperformance zeigte bemerkenswerte Stärke mit realisierten Netto-Investitionsgewinnen von 90,4 Millionen Dollar, im Vergleich zu Verlusten von 71,1 Millionen Dollar im Vorjahr. Das Unternehmen kündigte eine vierteljährliche Dividende von 0,3175 Dollar pro Aktie an, zahlbar am 26. Dezember 2024.

Positive
  • Net income surged to $230.9 million from a loss of $8.2 million YoY
  • Net premiums earned increased 21.1% to $1.32 billion
  • Combined ratio improved by 5.0 points to 93.6%
  • Net investment income grew to $72.7 million from $61.0 million YoY
  • Net realized investment gains of $90.4 million vs losses of $71.1 million in prior year
Negative
  • Catastrophe losses increased 18.2% to $39 million
  • Unfavorable development of $8 million on prior accident years' loss reserves
  • Unfavorable development of $7 million on prior years' catastrophe losses

Insights

Mercury General delivered a strong third quarter with significant improvements across key metrics. Net income surged to $230.9 million compared to a loss of $8.2 million in Q3 2023, while operating income more than doubled to $140.4 million. The combined ratio improved by 5% to 93.6%, indicating better underwriting performance.

Premium growth was robust with net premiums earned up 21.1% to $1.32 billion. Investment performance strengthened with net realized gains of $90.4 million versus losses last year, while investment yield improved to 4.6%. The company maintains solid catastrophe management despite increased events, with losses remaining controlled at $39 million.

The results demonstrate successful execution of premium rate increases and improved risk management. The 5% improvement in combined ratio to 93.6% is particularly noteworthy in a challenging insurance market environment marked by inflation and increased catastrophe activity. The company's Florida exposure (3% of premiums) and focus on auto insurance there helps insulate it from major hurricane impacts, as evidenced by the modest $5 million expected impact from Hurricane Milton.

The $0.3175 quarterly dividend maintenance signals management's confidence in sustained operational improvements and capital position.

LOS ANGELES, Oct. 29, 2024 /PRNewswire/ -- Mercury General Corporation (NYSE: MCY) reported today for the third quarter of 2024:

Consolidated Highlights



Three Months Ended
September 30,


Change


Nine Months Ended
September 30,


Change


2024


2023


$


%


2024


2023


$


%

(000's except per-share amounts and ratios)
















Net premiums earned 

$  1,320,652


$  1,090,311


$  230,341


21.1


$  3,723,355


$  3,129,483


$  593,872


19.0

Net premiums written (1) 

$  1,422,933


$  1,206,503


$  216,430


17.9


$  4,063,377


$  3,332,049


$  731,328


21.9

















Net realized investment gains (losses), net of tax (2)

$    90,412


$   (71,101)


$  161,513


NM


$  122,873


$   (48,010)


$  170,883


NM

Net income (loss) (3)

$  230,856


$    (8,227)


$  239,083


NM


$  366,886


$   (95,058)


$  461,944


NM

Net income (loss) per diluted share (3)

$       4.17


$      (0.15)


$       4.32


NM


$       6.63


$      (1.72)


$       8.35


NM

















Operating income (loss) (1) (3)

$  140,444


$    62,874


$    77,570


123.4


$  244,013


$   (47,048)


$  291,061


NM

Operating income (loss) per diluted share (1) (3)

$       2.54


$       1.14


$       1.40


122.8


$       4.41


$      (0.85)


$       5.26


NM

Catastrophe losses net of reinsurance (4)

$    39,000


$    33,000


$     6,000


18.2


$  236,000


$  223,000


$    13,000


5.8

Combined ratio (5)

93.6 %


98.6 %



      (5.0)   pts


97.6 %


107.9 %



        (10.3)        pts




NM = Not Meaningful



(1)     

These measures are not based on U.S. generally accepted accounting principles ("GAAP"), are defined in "Information Regarding GAAP and Non-GAAP Measures" and are reconciled to the most directly comparable GAAP measures in "Supplemental Schedules."

(2)     

Net realized investment gains (losses) before tax were $114 million and $(90) million for the three months ended September 30, 2024 and 2023, respectively, and $156 million and $(61) million for the nine months ended September 30, 2024 and 2023, respectively. The changes in fair value of the Company's investments are recorded as part of net realized investment gains or losses in its consolidated statements of operations due to the adoption of the fair value option for its investments as permitted under GAAP.

(3)       

Included in net income and operating income are approximately $20 million and $14 million ($16 million and $11 million, net of tax) of net realized gains from the sales and held-for-sale classifications of office buildings for the three and nine months ended September 30, 2024, respectively, and approximately $6 million ($5 million, net of tax) of net realized gains from the sales of office buildings for the nine months ended September 30, 2023. These before-tax net realized gains are included in other revenues in the Company's "Summary of Operating Results" on page 4.

(4)         

The majority of 2024 catastrophe losses resulted from tornadoes, hailstorms and convective storms in Texas and Oklahoma, winter storms and rainstorms in California, and the impact of Hurricane Helene in Florida and Georgia. The majority of 2023 catastrophe losses resulted from winter storms and rainstorms in California, Texas and Oklahoma, and the impact of Hurricane Hilary in California. The Company experienced unfavorable development of approximately $7 million and favorable development of approximately $4 million on prior years' catastrophe losses for the nine months ended September 30, 2024 and 2023, respectively.  

(5)       

The Company experienced unfavorable development of approximately $8 million and favorable development of approximately $12 million on prior accident years' loss and loss adjustment expense reserves for the three months ended September 30, 2024 and 2023, respectively, and unfavorable development of approximately $16 million and favorable development of approximately $32 million on prior accident years' loss and loss adjustment expense reserves for the nine months ended September 30, 2024 and 2023, respectively. The year-to-date unfavorable development in 2024 was primarily attributable to higher than estimated losses and loss adjustment expenses in the commercial automobile and commercial property lines of insurance business and catastrophe losses, partially offset by favorable development in the private passenger automobile and homeowners lines of insurance business. The year-to-date favorable development in 2023 was primarily attributable to lower than estimated losses and loss adjustment expenses in the private passenger automobile and homeowners lines of insurance business, partially offset by unfavorable development in the commercial property line of insurance business.

 

Investment Results



Three Months Ended September 30,


Nine Months Ended September 30,


2024


2023


2024


2023

(000's except average annual yield)








Average invested assets at cost (1)

$      5,795,086


$      5,106,049


$      5,571,831


$      5,060,778

Net investment income (2) (3)








     Before income taxes

$           72,738


$           60,965


$         206,726


$         171,287

     After income taxes

$           61,114


$           51,958


$         173,928


$         146,571

Average annual yield on investments (2) (3)








     Before income taxes

4.6 %


4.4 %


4.5 %


4.3 %

     After income taxes

3.9 %


3.8 %


3.8 %


3.7 %



(1)

Fixed maturities and short-term bonds at amortized cost; equities and other short-term investments at cost. Average invested assets at cost are based on the monthly amortized cost of the invested assets excluding cash for each period.

(2)

Net investment income includes interest income earned on cash of approximately $6.8 million and $5.1 million ($5.3 million and $4.0 million after tax) for the three months ended September 30, 2024 and 2023, respectively, and approximately $18.6 million and $9.6 million ($14.7 million and $7.6 million after tax) for the nine months ended September 30, 2024 and 2023, respectively. Average annual yield on investments does not include interest income earned on cash.

(3)

Higher net investment income before and after income taxes for the three and nine months ended September 30, 2024 compared to the corresponding periods in 2023 resulted largely from higher average yield combined with higher average invested assets and cash. Average annual yield on investments before and after income taxes for the three and nine months ended September 30, 2024 increased compared to the corresponding periods in 2023, primarily due to the maturity and replacement of lower yielding investments purchased when market interest rates were lower with higher yielding investments.

On October 9, 2024, Hurricane Milton made landfall south of Tampa, Florida. The Company writes only automobile insurance in Florida, which accounts for approximately 3% of its companywide direct premiums written; therefore, the losses from Hurricane Milton are not expected to have a significant impact on the results of operations of the Company. Although the current loss estimates may change in the future, based on claims reported to date and expected to be reported, the Company estimates that the total catastrophe losses from Hurricane Milton will be $5 million or less, which will be recorded as losses for the fourth quarter of 2024.

The Board of Directors declared a quarterly dividend of $0.3175 per share. The dividend will be paid on December 26, 2024 to shareholders of record on December 12, 2024.

Mercury General Corporation and its subsidiaries are a multiple line insurance organization offering predominantly personal automobile and homeowners insurance through a network of independent producers and direct-to-consumer sales in many states. For more information, visit the Company's website at www.mercuryinsurance.com.

The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for certain forward-looking statements. Certain statements contained in this report are forward-looking statements based on the Company's current expectations and beliefs concerning future developments and their potential effects on the Company. There can be no assurance that future developments affecting the Company will be those anticipated by the Company. Actual results may differ from those projected in the forward-looking statements. These forward-looking statements involve significant risks and uncertainties (some of which are beyond the control of the Company) and are subject to change based upon various factors, including but not limited to the following risks and uncertainties: changes in the demand for the Company's insurance products, inflation and general economic conditions, including general market risks associated with the Company's investment portfolio; the accuracy and adequacy of the Company's pricing methodologies; catastrophes in the markets served by the Company; uncertainties related to estimates, assumptions and projections generally; the possibility that actual loss experience may vary adversely from the actuarial estimates made to determine the Company's loss reserves in general; the Company's ability to obtain and the timing of the approval of premium rate changes for insurance policies issued in the states where it operates; legislation adverse to the automobile insurance industry or business generally that may be enacted in the states where the Company operates; the Company's success in managing its business in non-California states; the presence of competitors with greater financial resources and the impact of competitive pricing and marketing efforts; the Company's ability to successfully allocate the resources used in the states with reduced or exited operations to its operations in other states; changes in driving patterns and loss trends; acts of war and terrorist activities; pandemics, epidemics, widespread health emergencies, or outbreaks of infectious diseases; court decisions and trends in litigation and health care and auto repair costs; and legal, cybersecurity, regulatory and litigation risks. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as the result of new information, future events or otherwise. For a more detailed discussion of some of the foregoing risks and uncertainties, see the Company's Annual Report on Form 10-K filed with the United States Securities and Exchange Commission on February 13, 2024.

 

MERCURY GENERAL CORPORATION AND SUBSIDIARIES
SUMMARY OF OPERATING RESULTS

(000's except per-share amounts and ratios)

(unaudited)










Three Months Ended September 30,


Nine Months Ended September 30,


2024


2023


2024


2023

Revenues:








     Net premiums earned

$      1,320,652


$      1,090,311


$      3,723,355


$      3,129,483

     Net investment income

72,738


60,965


206,726


171,287

     Net realized investment gains (losses)

114,446


(90,001)


155,536


(60,772)

     Other

22,538


3,917


23,837


15,000

          Total revenues

1,530,374


1,065,192


4,109,454


3,254,998

Expenses:








     Losses and loss adjustment expenses

918,439


823,742


2,759,117


2,651,081

     Policy acquisition costs

230,293


181,569


630,016


518,813

     Other operating expenses

86,861


69,192


245,651


207,223

     Interest

7,717


5,918


23,288


16,398

          Total expenses

1,243,310


1,080,421


3,658,072


3,393,515

Income (loss) before income taxes

287,064


(15,229)


451,382


(138,517)

     Income tax expense (benefit)

56,208


(7,002)


84,496


(43,459)

                    Net income (loss)

$         230,856


$           (8,227)


$         366,886


$         (95,058)









Basic average shares outstanding

55,371


55,371


55,371


55,371

Diluted average shares outstanding

55,376


55,371


55,374


55,371









Basic Per Share Data








Net income (loss)

$               4.17


$             (0.15)


$               6.63


$             (1.72)

Net realized investment gains (losses), net of tax

$               1.63


$             (1.28)


$               2.22


$             (0.87)









Diluted Per Share Data








Net income (loss)

$               4.17


$             (0.15)


$               6.63


$             (1.72)

Net realized investment gains (losses), net of tax

$               1.63


$             (1.28)


$               2.22


$             (0.87)









Operating Ratios-GAAP Basis








Loss ratio

69.5 %


75.6 %


74.1 %


84.7 %

Expense ratio

24.0 %


23.0 %


23.5 %


23.2 %

Combined ratio (a)

93.6 %


98.6 %


97.6 %


107.9 %



(a)   

Combined ratio for the three months ended September 30, 2024 does not sum due to rounding.

 

MERCURY GENERAL CORPORATION AND SUBSIDIARIES

CONDENSED BALANCE SHEETS AND OTHER INFORMATION

(000's except per-share amounts and ratios)



September 30, 2024


December 31, 2023


(unaudited)



ASSETS




Investments, at fair value:




     Fixed maturity securities (amortized cost $4,882,324; $4,394,983)

$             4,858,840


$             4,319,336

     Equity securities (cost $755,443; $654,939)

870,837


730,693

     Short-term investments (cost $289,616; $179,375)

288,704


178,491

          Total investments

6,018,381


5,228,520

Cash

616,275


550,903

Receivables:




     Premiums

731,379


607,025

          Allowance for credit losses on premiums receivable

(6,100)


(5,300)

                  Premiums receivable, net of allowance for credit losses

725,279


601,725

     Accrued investment income

65,118


59,128

     Other

57,862


25,603

          Total receivables

848,259


686,456

Reinsurance recoverables (net of allowance for credit losses $4; $12)

28,019


31,947

Deferred policy acquisition costs

341,406


293,844

Fixed assets, net

135,919


151,183

Operating lease right-of-use assets

13,947


14,406

Current income taxes


4,081

Deferred income taxes

20,905


33,013

Goodwill

42,796


42,796

Other intangible assets, net

7,906


8,333

Other assets

79,135


57,915

          Total assets

$             8,152,948


$             7,103,397

LIABILITIES AND SHAREHOLDERS' EQUITY




Loss and loss adjustment expense reserves

$             3,073,690


$             2,785,702

Unearned premiums

2,076,910


1,735,660

Notes payable

574,028


573,729

Accounts payable and accrued expenses

231,519


175,219

Operating lease liabilities

14,055


14,231

Current income taxes

24,394


Other liabilities

296,062


270,711

Shareholders' equity

1,862,290


1,548,145

          Total liabilities and shareholders' equity

$             8,152,948


$             7,103,397





OTHER INFORMATION




Common stock shares outstanding

55,371


55,371

Book value per share

$                    33.63


$                    27.96

Statutory surplus (a)

$1.88 billion


$1.67 billion

Net premiums written to surplus ratio (a)

2.76


2.68

Debt to total capital ratio (b)

23.6 %


27.1 %

Portfolio duration (including all short-term instruments) (a) (c)

3.0 years


3.0 years

Policies-in-force (company-wide "PIF") (a)




     Personal Auto PIF

1,016


1,032

     Homeowners PIF

829


760

     Commercial Auto PIF

40


42



(a)   

Unaudited.

(b)   

Debt to Debt plus Shareholders' Equity (Debt at face value).

(c)   

Modified duration reflecting anticipated early calls.

 

SUPPLEMENTAL SCHEDULES

(000's except per-share amounts and ratios)

(unaudited)










Three Months Ended September 30,


Nine Months Ended September 30,


2024


2023


2024


2023









Reconciliations of Comparable GAAP Measures to Operating Measures (a)













Net premiums earned

$       1,320,652


$       1,090,311


$    3,723,355


$    3,129,483

Change in net unearned premiums

102,281


116,192


340,022


202,566

Net premiums written

$       1,422,933


$       1,206,503


$    4,063,377


$    3,332,049









Incurred losses and loss adjustment expenses

$          918,439


$          823,742


$    2,759,117


$    2,651,081

Change in net loss and loss adjustment expense reserves

(97,365)


(4,865)


(290,003)


(137,618)

Paid losses and loss adjustment expenses

$          821,074


$          818,877


$    2,469,114


$    2,513,463









Net income (loss)

$          230,856


$            (8,227)


$       366,886


$       (95,058)

Less: Net realized investment gains (losses)

114,446


(90,001)


155,536


(60,772)

         Tax on net realized investment gains (losses)(b)

24,034


(18,900)


32,663


(12,762)

             Net realized investment gains (losses), net of tax

90,412


(71,101)


122,873


(48,010)

Operating income (loss)

$          140,444


$            62,874


$       244,013


$       (47,048)









Per diluted share:








Net income (loss)

$                4.17


$              (0.15)


$             6.63


$           (1.72)

Less: Net realized investment gains (losses), net of tax

1.63


(1.28)


2.22


(0.87)

Operating income (loss)(c)

$                2.54


$                1.14


$             4.41


$           (0.85)









Combined ratio





97.6 %


107.9 %

Effect of estimated prior periods' loss development





(0.4) %


1.0 %

Combined ratio-accident period basis





97.2 %


108.9 %



(a)

See "Information Regarding GAAP and Non-GAAP Measures" on page 7. 

(b)   

Based on federal statutory rate of 21%.

(c)   

Operating Income per Diluted Share for the Three Months Ended September 30, 2023 Does Not Sum Due to Rounding.

 

Information Regarding GAAP and Non-GAAP Measures

The Company has presented information within this document containing operating measures which in management's opinion provide investors with useful, industry specific information to help them evaluate, and perform meaningful comparisons of, the Company's performance, but that may not be presented in accordance with GAAP. These measures are not intended to replace, and should be read in conjunction with, the GAAP financial results.

Net income (loss) is the GAAP measure that is most directly comparable to operating income (loss). Operating income (loss) is net income (loss) excluding realized investment gains and losses, net of tax. Operating income (loss) is used by management along with the other components of net income (loss) to assess the Company's performance. Management uses operating income (loss) as an important measure to evaluate the results of the Company's insurance business. Management believes that operating income (loss) provides investors with a valuable measure of the Company's ongoing performance as it reveals trends in the Company's insurance business that may be obscured by the effect of net realized investment gains and losses. Realized investment gains and losses may vary significantly between periods and are generally driven by external economic developments such as capital market conditions. Accordingly, operating income (loss) highlights the results from ongoing operations and the underlying profitability of the Company's core insurance business. Operating income (loss), which is provided as supplemental information and should not be considered as a substitute for net income (loss), does not reflect the overall profitability of the Company's business. It should be read in conjunction with the GAAP financial results. See "Supplemental Schedules" above for a reconciliation of net income (loss) to operating income (loss).

Net premiums earned, the most directly comparable GAAP measure to net premiums written, represents the portion of premiums written that is recognized as revenue in the financial statements for the periods presented and earned on a pro-rata basis over the term of the policies. Net premiums written is a statutory financial measure which represents the premiums charged on policies issued during a fiscal period less any applicable reinsurance.  Net premiums written is designed to determine production levels and is meant as supplemental information and not intended to replace net premiums earned. Such information should be read in conjunction with the GAAP financial results. See "Supplemental Schedules" above for a reconciliation of net premiums earned to net premiums written.

Incurred losses and loss adjustment expenses is the most directly comparable GAAP measure to paid losses and loss adjustment expenses. Paid losses and loss adjustment expenses excludes the effects of changes in the loss reserve accounts. Paid losses and loss adjustment expenses is provided as supplemental information and is not intended to replace incurred losses and loss adjustment expenses. It should be read in conjunction with the GAAP financial results. See "Supplemental Schedules" above for a reconciliation of incurred losses and loss adjustment expenses to paid losses and loss adjustment expenses.

Combined ratio is the most directly comparable measure to combined ratio-accident period basis. Combined ratio-accident period basis is computed as the difference between two GAAP operating ratios: the combined ratio and prior accident periods' loss development ratio. Management believes that combined ratio-accident period basis is useful to investors and it is used to reveal the trends in the Company's results of operations that may be obscured by development on prior accident periods' loss reserves. Combined ratio-accident period basis is meant as supplemental information and is not intended to replace the GAAP combined ratio. It should be read in conjunction with the GAAP financial results. See "Supplemental Schedules" above for a reconciliation of GAAP combined ratio to combined ratio-accident period basis. 

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SOURCE Mercury General Corporation

FAQ

What was Mercury General's (MCY) earnings per share in Q3 2024?

Mercury General reported earnings of $4.17 per diluted share in Q3 2024, compared to a loss of $0.15 per share in Q3 2023.

How much did Mercury General (MCY) increase its net premiums earned in Q3 2024?

Mercury General's net premiums earned increased by 21.1% to $1.32 billion in Q3 2024 compared to Q3 2023.

What dividend did Mercury General (MCY) declare for Q4 2024?

Mercury General declared a quarterly dividend of $0.3175 per share, payable on December 26, 2024, to shareholders of record on December 12, 2024.

What was Mercury General's (MCY) combined ratio in Q3 2024?

Mercury General's combined ratio improved to 93.6% in Q3 2024, down from 98.6% in Q3 2023.

Mercury General Corp.

NYSE:MCY

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4.04B
26.55M
52.04%
43.99%
1.19%
Insurance - Property & Casualty
Fire, Marine & Casualty Insurance
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United States of America
LOS ANGELES