Mercury General posts Q3 net loss on investment declines
MCY•Mercury General reported a third-quarter net loss of $13.69 million, driven by investment declines as market interest rates rose. Premiums written were $1.64 billion, while operating income was $193.25 million.
1. Quarterly results
Mercury General reported a third-quarter net loss of $13.69 million, driven by declines in investment values due to higher market interest rates. Premiums written were $1.64 billion, and operating income was $193.25 million, down year over year.
2. Insurance and investment trends
Net premiums earned rose year over year. Favorable reserve development in auto insurance was partly offset by adverse development in homeowners insurance. Higher average invested assets lifted net investment income, partly offset by lower yields.
