Mercury General posts Q3 net income of $230.9M vs year-ago loss; combined ratio 93.6%

MERCURY GENERAL CORP

2024-Q3 EPS reported $6.63 revenue$4,109,454,000

Net income $230.9M ($4.17 diluted EPS) vs loss of $8.2M ($0.15 loss) in Q3 2023.
Net premiums earned $1.32B, up 21.1% YoY; combined ratio improved 5 points to 93.6%.
Operating income $140.4M, up 123.4% from $62.9M; net investment income up 19%.
Catastrophe losses net $39M; Hurricane Milton expected to add ≤$5M in Q4 2024.
Quarterly dividend maintained at $0.3175/share; payable Dec 26 to holders of record Dec 12.

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