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Mercury General Corporation (MCY-0.45%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing reports that Mercury General's net income for 2024 was $467.953 million, or $8.45 per diluted share, compared to $96.336 million, or $1.74 per diluted share, for 2023.
Net premiums earned increased by 18.7% to $5.075 billion in 2024, driven by rate increases and an increase in the number of policies written.
The company reported a combined ratio of 96.0% for 2024, compared to 105.4% in 2023, indicating improved underwriting performance.
Catastrophe losses for 2024 totaled approximately $277 million, with major events including tornadoes and hailstorms in Texas and Oklahoma, and wildfires in California.
Mercury General's investment portfolio generated $279.989 million in net investment income during 2024, with a portfolio valued at $6.076 billion at year-end.
The company maintains a diversified investment strategy, with fixed maturity securities comprising 80.9% of the total investment portfolio.
Mercury General's balance sheet reflects total assets of $8.311 billion and shareholders' equity of $1.947 billion as of December 31, 2024.
The company continues to focus on its core markets in California and other states, with personal automobile insurance accounting for a significant portion of its business.
Mercury General is committed to maintaining strong relationships with independent agents, which accounted for approximately 89% of direct premiums written in 2024.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Mercury General Corporation annual 10-K report dated February 11, 2025. To report an error, please email earnings@qz.com.