Mercury General Q1 net loss $45M; combined ratio 115.8%; catastrophe losses surge 345%

MERCURY GENERAL CORP

2023-Q1 EPS reported -$0.82 revenue$1,106,579,000

Net loss of $45.3M ($0.82/diluted share) vs $196.9M loss in Q1 2022; operating loss $84M.
Net premiums earned $1.005B (+4.4% YoY); combined ratio 115.8% (up 6.3 pts).
Catastrophe losses $98M (up 345% from $22M) due to winter storms in CA, TX, OK.
Board declares $0.3175 quarterly dividend, payable June 29 to holders of record June 15.
Inflation pressures continue to hurt auto loss severity; rate increases filed in multiple states including CA.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

MERCURY GENERAL CORP reported first quarter ended March 31, 2023 results: revenue $1,004,704, net income $(45,288), EPS $(0.82).

Period: first quarter ended March 31, 2023
Revenue: $1,004,704
Net income: $(45,288)
EPS: $(0.82)
Result: reported results

Exact text from the filing

Net premiums earned $ 1,004,704 $ 962,550 $ 42,154 4.4 Net premiums written (1) (2) $ 1,010,202 $ 1,010,798 $ (596) (0.1) Net realized investment gains (losses), net of tax (3) $ 38,716 $ (154,118) $ 192,834 NM Net loss $ (45,288) $ (196,917) $ 151,629 NM Net loss per diluted share (4) $ (0.82) $ (3.56) $ 2.74 NM

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Source: SEC EDGAR

accession 0000950170-23-016668

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