Mercury General Corporation is reporting increases in its net premiums earned and written of 5.1% and 6.4% between the ends of Q1 2021 and Q1 2022.
The firm said in its latest results that its net premiums earned at the end of Q2 2022 stood at $962.5m, up from $915.9m at the end of Q1 2021.
Net premiums written, meanwhile, saw an increase from $950.3m to $1,010.7m over the same period.
However, the firm saw continued slides in its net income, which Reinsurance News reported on last year. It said that its net income saw a loss of $196.9m, down 284% compared to the end of Q1 2021. In terms of its operating income, this showed a drop between Q1 2021 and Q2 2022 of 157.8%.
Last November, the company reported Q3 net income of just $1.3m, compared with $118.9m for the same period last year, after booking huge, realised investment losses for the quarter.
Looking at the first nine months of the year, Mercury General’s net income actually improved modestly from $207.9m to $217.5m.
But operating income fell by 47.5% to $35.7m for the Q3 period and by 25.1% to $172.5m for the 9M period.
