Mercury General Q1 net loss $108.3M; wildfire losses drive combined ratio to 119.2%

MERCURY GENERAL CORP

2025-Q1 EPS reported -$1.96 revenue$1,393,879,000

Net loss of $108.3M ($1.96 diluted EPS) vs net income of $73.5M ($1.33) in Q1 2024.
Combined ratio 119.2% (up 18.3 pts) on $447M net catastrophe losses, primarily from Southern California wildfires.
Gross wildfire loss estimate $2.15B; net of $1.29B reinsurance and $525M subrogation recovery on Eaton fire.
Quarterly dividend $0.3175/share, payable June 26, 2025 to holders of record June 12, 2025.
Net premiums earned +10% to $1.283B; net investment income after tax +24% to $67.9M.

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