Mercury general corporation announces second quarter results and declares quarterly dividend
Los angeles , july 30, 2024 /prnewswire/ -- mercury general corporation (nyse: mcy) reported today for the second quarter of 2024: consolidated highlights three months ended june 30, change six months ended june 30, change 2024 2023 $ % 2024 2023 $ % (000's except per-share amounts and ratios) net premiums earned $ 1,236,024 $ 1,034,469 $ 201,555 19.5 $ 2,402,703 $ 2,039,173 $ 363,530 17.8 net premiums written (1) $ 1,355,460 $ 1,115,345 $ 240,115 21.5 $ 2,640,444 $ 2,125,546 $ 514,898 24.2 net realized investment gains (losses), net of tax (2) $ 2,290 $ (15,625) $ 17,915 nm $ 32,461 $ 23,091 $ 9,370 40.6 net income (loss) $ 62,568 $ (41,543) $ 104,111 nm $ 136,030 $ (86,831) $ 222,861 nm net income (loss) per diluted share $ 1.13 $ (0.75) $ 1.88 nm $ 2.46 $ (1.57) $ 4.03 nm operating income (loss) (1) $ 60,278 $ (25,918) $ 86,196 nm $ 103,569 $ (109,922) $ 213,491 nm operating income (loss) per diluted share (1) $ 1.09 $ (0.47) $ 1.56 nm $ 1.87 $ (1.99) $ 3.86 nm catastrophe losses net of reinsurance (3) $ 125,000 $ 92,000 $ 33,000 35.9 $ 197,000 $ 190,000 $ 7,000 3.7 combined ratio (4) 98.9 % 110.1 % — (11.2) pts 99.9 % 112.9 % — (13.0) pts nm = not meaningful (1) these measures are not based on u.s. generally accepted accounting principles ("gaap"), are defined in "information regarding gaap and non-gaap measures" and are reconciled to the most directly comparable gaap measures in "supplemental schedules." (2) net realized investment gains (losses) before tax were $3 million and $(20) million for the three months ended june 30, 2024 and 2023, respectively, and $41 million and $29 million for the six months ended june 30, 2024 and 2023, respectively.
