Mercury General Q3 net income $280.4M, EPS $5.06; combined ratio improves to 87.0%

MERCURY GENERAL CORP

2025-Q3 EPS reported $6.11 vs consensus $2.17 ▲ beat (+181.4%)

Net premiums earned $1.41B (+6.8% YoY); operating income $213.7M, up 52.2%.
Combined ratio 87.0% vs 93.6% a year ago; favorable prior-year development of $27M.
Quarterly dividend declared $0.3175/share, payable Dec 24, 2025 to holders of record Dec 10.
Wildfire net losses $381M YTD; increased $22M in Q3. Estimated Eaton subrogation recovery $527M.
Net investment income $70.7M after tax; average yield 4.0% after tax.

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