Mercury General Q4 net income $191M vs loss; combined ratio 98.6%; declares $0.3175 dividend

MERCURY GENERAL CORP

2023-FY EPS reported $1.74 revenue$4,629,631,000

Q4 net income $191.4M ($3.46 diluted EPS) vs loss $6.8M ($0.12 loss) a year ago; operating income $63.6M ($1.15 per share).
Combined ratio improved to 98.6% in Q4 from 115.8% YoY; full-year 105.4% vs 108.7%.
California DOI approved auto rate hikes of 22.5% (MIC) and 3.8% (CAIC), effective late Feb 2024; these lines represent ~53% of earned premiums.
Quarterly dividend declared $0.3175 per share, payable March 27, 2024 to holders of record March 13, 2024.
Q4 catastrophe losses fell to $16M from $40M; Jan 2024 California atmospheric river storm losses not yet estimable.

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 the fiscal year ended December 31, 2023 results: revenue $ 4,274,378, net income $ 96,336, EPS $ 1.74.

Period: the fiscal year ended December 31, 2023
Revenue: $ 4,274,378
Net income: $ 96,336
EPS: $ 1.74
Result: reported results

Exact text from the filing

Twelve Months Ended December 31, Change 2023 2022 $ % 2023 2022 $ % (000’s except per-share amounts and ratios) Net premiums earned $ 1,144,895 $ 1,005,482 $ 139,413 13.9 % $ 4,274,378 $ 3,952,482 $ 321,896 8.1 % Net premiums written (1) $ 1,132,150 $ 915,750 $ 216,400 23.6 % $ 4,464,199 $ 3,978,017 $ 486,182 12.2 % Net realized investment gains (losses), net of

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

MERCURY GENERAL CORP reported the fourth quarter ended December 31, 2023 results: revenue $ 1,144,895, net income $ 191,394, EPS $ 3.46.

Period: the fourth quarter ended December 31, 2023
Revenue: $ 1,144,895
Net income: $ 191,394
EPS: $ 3.46
Result: reported results

Exact text from the filing

Three Months Ended December 31, Change Twelve Months Ended December 31, Change 2023 2022 $ % 2023 2022 $ % (000’s except per-share amounts and ratios) Net premiums earned $ 1,144,895 $ 1,005,482 $ 139,413 13.9 % $ 4,274,378 $ 3,952,482 $ 321,896 8.1 % Net premiums written (1) $ 1,132,150 $ 915,750 $ 216,400 23.6 % $ 4,464,199 $ 3,978,017 $ 486,182 12.2 % Net

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MERCURY GENERAL CORP filing history →

Source: SEC EDGAR

accession 0001193125-24-033701

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