Mercury General Q2 net loss $41.5M, operating loss $25.9M; combined ratio 110.1%

MERCURY GENERAL CORP

2023-Q2 EPS reported -$1.57 revenue$2,189,806,000

Net loss $41.5M ($0.75/sh) vs $210.7M loss Q2 2022; net premiums earned up 4.8% to $1.03B.
Operating loss $25.9M ($0.47/sh) vs $19.6M loss year ago; catastrophe losses $92M net of reinsurance.
Combined ratio 110.1% worsened 3.5 pts YoY; year-to-date favorable prior-year reserve development $20M.
Board declared $0.3175/share quarterly dividend, payable Sept 28 to holders of record Sept 14.
California personal auto rate increase 14.4% in 2023; additional 20.8% pending regulatory approval.

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 second quarter ended June 30, 2023 results: revenue $ 1,034,469, net income $(41,543), EPS $(0.75).

Period: second quarter ended June 30, 2023
Revenue: $ 1,034,469
Net income: $(41,543)
EPS: $(0.75)
Result: reported results

Exact text from the filing

Highlights Three Months Ended June 30, Change Six Months Ended June 30, Change 2023 2022 $ % 2023 2022 $ % (000's except per-share amounts and ratios) Net premiums earned $ 1,034,469 $ 987,512 $ 46,957 4.8 $ 2,039,173 $ 1,950,062 $ 89,111 4.6 Net premiums written (1) $ 1,115,345 $ 1,016,994 $ 98,351 9.7 $ 2,125,546 $ 2,027,791 $ 97,755 4.8 Net

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Source: SEC EDGAR

accession 0000950170-23-036458

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