Mercury General Q2 net income down 52% to $109M; combined ratio worsens to 94.9%

MERCURY GENERAL CORP

2021-Q2 EPS reported $3.90 revenue$2,011,871,000

Net income $109.2M ($1.97 diluted EPS), down from $228.2M ($4.12) in Q2 2020.
Combined ratio 94.9%, worsening 6.7 pts from 88.2% due to higher catastrophe losses.
Catastrophe losses net of reinsurance $25M in Q2 2021, more than double Q2 2020's $12M.
Net premiums earned $926.8M, up 14.2% but Q2 2020 had ~$106M COVID-related refunds.
Quarterly dividend of $0.6325 per share declared, payable Sept 30 to holders of record Sept 16.

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