Mercury General Q4 net income $202.5M ($3.66 EPS), doubled YoY; wildfire net loss $380M

MERCURY GENERAL CORP

2025-FY EPS reported $9.77 vs consensus $2.59 ▲ beat (+277.9%)

Q4 2025 net income $202.5M ($3.66 diluted EPS), up 100% from $101.1M ($1.82) a year ago.
Full-year combined ratio 96.3%; Q4 combined ratio improved to 88.6% from 91.4%.
Net losses from Palisades/Eaton wildfires totaled $380M; $538M subrogation recovery recorded from SCE for Eaton fire.
California DOI approved 6.9% homeowners rate increase effective July 2026; represents ~15% of net premiums.
Declared quarterly dividend of $0.3175 per share, payable March 26, 2026 to holders of record March 12.

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