Mercury General Corporation has announced its financial results for the second quarter of 2024, reporting a net income of $62.6 million, compared to the -$41.5 million reported in the same period the year prior.
Net premiums earned for the quarter sat at $1.23 billion, a 19.5% increase from the $1.03 billion reported in Q2 2023.
At the same time, net premiums written for Q2 were $1.35 billion, a 21.5% increase from the prior year period’s $1.15 billion.
Combined ratio for the quarter was 98.9%, an improvement from the 110.1% reported in last year’s second quarter. Q2 2024’s combined ratio includes a 75.8% loss ratio and 23.1% expense ratio.
The auto insurance company also posted total revenues of $1.30 billion in Q2 2024, compared to Q2 2024’s $1.08 billion.
Meanwhile, for the first half of 2024, Mercury General reported a net income of $136 million, compared to the -$86.8 million seen in H1 2023.
Net premiums earned for H1 204 were $2.4 billion, compared to $2.03 billion in the same period the year prior.
Net premiums written were $2.64 billion for the first half of 2024, a $514.8 million increase from the $1.12 billion reported in H1 2023.
Mercury General also posted an improved combined ratio of 99.9% for H1 2024, compared to the 112.9% reported in the same period last year.
