Mercury General Corporation Announces Fourth Quarter and Fiscal 2024 Results and Declares Quarterly Dividend
LOS ANGELES , Feb. 11, 2025 /PRNewswire/ -- Mercury General Corporation (NYSE: MCY) reported today the fourth quarter and fiscal 2024 results: Consolidated Highlights Three Months Ended December 31, Change Twelve Months Ended December 31, Change 2024 2023 $ % 2024 2023 $ % (000's except per-share amounts and ratios) Net premiums earned $ 1,352,101 $ 1,144,895 $ 207,206 18.1 % $ 5,075,456 $ 4,274,378 $ 801,078 18.7 % Net premiums written (1) $ 1,314,933 $ 1,132,150 $ 182,783 16.1 % $ 5,378,310 $ 4,464,199 $ 914,111 20.5 % Net realized investment (losses) gains, net of tax (2) $ (52,823) $ 127,810 $ (180,633) (141.3) % $ 70,050 $ 79,801 $ (9,751) (12.2) % Net income $ 101,068 $ 191,394 $ (90,326) (47.2) % $ 467,953 $ 96,336 $ 371,617 385.8 % Net income per diluted share $ 1.82 $ 3.46 $ (1.64) (47.4) % $ 8.45 $ 1.74 $ 6.71 385.6 % Operating income (1) $ 153,891 $ 63,584 $ 90,307 142.0 % $ 397,903 $ 16,535 $ 381,368 2,306.4 % Operating income per diluted share (1) $ 2.78 $ 1.15 $ 1.63 141.7 % $ 7.19 $ 0.30 $ 6.89 2,296.7 % Catastrophe losses net of reinsurance (3) $ 41,000 $ 16,000 $ 25,000 156.3 % $ 277,000 $ 239,000 $ 38,000 15.9 % Combined ratio (4) 91.4 % 98.6 % — (7.2) pts 96.0 % 105.4 % — (9.4) pts (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 (losses) gains before tax were $(67) million and $162 million for the three months ended December 31, 2024 and 2023, respectively, and $89 million and $101 million for the twelve months ended December 31, 2024 and 2023, respectively.
Feb 11, 2025 | www.prnewswire.com
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