Mercury General Corporation announced robust financial results for the third quarter ended September 30, 2024. The company reported net premiums earned of $1,320.7 million, an increase of 21.1% compared to the third quarter of 2023.
Net income for the quarter reached $230.9 million, or $4.17 per diluted share, a substantial improvement from a net loss of $8.2 million, or $(0.15) per diluted share, in the prior-year period. Operating income also saw significant growth, rising to $140.4 million, or $2.54 per diluted share, up 123.4% from $62.9 million, or $1.14 per diluted share, in Q3 2023.
The combined ratio improved to 93.6% for the third quarter of 2024, down from 98.6% in the same period last year, indicating enhanced underwriting profitability. Catastrophe losses net of reinsurance were $39.0 million, an increase from $33.0 million in Q3 2023.
For the nine months ended September 30, 2024, net premiums earned increased 19.0% to $3,723.4 million, and operating income reached $244.0 million, a significant turnaround from an operating loss of $47.0 million in the prior year.
Net investment income for the quarter was $72.7 million, up from $61.0 million in Q3 2023, driven by higher average yields and invested assets. The Board of Directors declared a quarterly dividend of $0.3175 per share, payable on December 26, 2024, to shareholders of record on December 12, 2024.
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