earnings
confidence high
sentiment negative
materiality 0.85
Mercury General reports Q1 net loss of $196.9M; combined ratio worsens to 109.5%
MERCURY GENERAL CORP
2022-Q1 EPS reported
-$3.56
revenue$805,461,000
- Net loss of $196.9M ($3.56 diluted loss) vs net income of $107.0M ($1.93 diluted EPS) in Q1 2021.
- Operating loss of $42.8M ($0.77 per share) vs operating income of $74.1M ($1.34 per share) a year ago.
- Combined ratio deteriorated to 109.5% from 93.5%, driven by adverse reserve development of $53M and catastrophe losses of $22M.
- Net realized investment losses of $154.1M after tax, compared to gains of $32.9M in prior year.
- Declared quarterly dividend of $0.6350 per share, payable June 30, 2022 to shareholders of record June 16, 2022.