Reinsurance News

Mercury General reports earned and written premiums increase

5th May 2022 - Author: Pete Carvill

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.

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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.

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