Financial Performance - Net premiums earned for Q4 2024 were $1,352,101, an increase of 18.1% from $1,144,895 in Q4 2023[3] - Net income for Q4 2024 was $101,068, a decrease of 47.2% compared to $191,394 in Q4 2023[3] - Total revenues for the twelve months ended December 31, 2024, reached $5,475,633, compared to $4,629,631 for the previous year, indicating a year-over-year increase of 18.3%[27] - Operating income for the twelve months ended December 31, 2024, was $397,903, compared to $16,535 in the previous year, reflecting a significant increase in operational efficiency[32] Underwriting Performance - The combined ratio improved to 91.4% in Q4 2024 from 98.6% in Q4 2023, a decrease of 7.2 percentage points[3] - The combined ratio for the three months ended December 31, 2024, improved to 91.4% from 98.6% in the same period of 2023, indicating better underwriting performance[27] Catastrophe Losses - Catastrophe losses net of reinsurance for 2024 were $277,000, an increase of 15.9% from $239,000 in 2023[3] - Estimated gross catastrophe losses from the January 2025 wildfires range from $1.6 billion to $2.0 billion, with net losses estimated between $155 million and $325 million[9] - The company has paid out $800 million related to the wildfires as of February 7, 2025, with $500 million collected from reinsurers[18] Investment Performance - The average annual yield on investments after income taxes was 3.7% for Q4 2024, down from 3.8% in Q4 2023[7] Regulatory and Market Conditions - The California Department of Insurance approved a 12% rate increase for homeowners insurance, effective March 2025, representing approximately 16% of total net premiums earned in 2024[8] - Fitch and Moody's placed the company's ratings under negative outlook due to uncertainties around future reinsurance costs and the overall California homeowners insurance market[20] - The company is reassessing its view of California wildfire risk, considering recent events and updates to catastrophe models[21] Balance Sheet Strength - The company's total assets increased to $8,310,632 as of December 31, 2024, up from $7,103,397 a year earlier, marking a growth of 17.0%[30] - The statutory surplus rose to $2.03 billion as of December 31, 2024, compared to $1.67 billion in the previous year, an increase of 21.8%[30] - The loss and loss adjustment expense reserves increased to $3,152,031 as of December 31, 2024, from $2,785,702 a year earlier, reflecting a rise of 13.2%[30] - The debt to total capital ratio improved to 22.8% as of December 31, 2024, down from 27.1% in the previous year, indicating a stronger capital position[30] Policy Metrics - The number of personal auto policies in force decreased slightly to 1,019 as of December 31, 2024, from 1,032 a year earlier, showing a decline of 1.3%[30] Definitions and Financial Measures - Net premiums earned represent the portion of premiums written recognized as revenue, earned on a pro-rata basis over the term of the policies[36] - Net premiums written is a statutory financial measure indicating premiums charged on policies issued during a fiscal period, less applicable reinsurance[36] - Incurred losses and loss adjustment expenses are the most directly comparable GAAP measure to paid losses and loss adjustment expenses, which exclude changes in loss reserve accounts[37] - The combined ratio-accident period basis is computed as the difference between the combined ratio and prior accident periods' loss development ratio, providing insights into operational trends[38]

Core Insights - As winter approaches, drivers are advised to winterize their vehicles to ensure safety and prevent costly repairs [1][2] - Mercury Insurance emphasizes the importance of taking preventive measures to prepare vehicles for winter conditions [2] Company Overview - Mercury Insurance, headquartered in Los Angeles, offers multiple lines of insurance including personal auto, homeowners, and renters insurance across various states [3][4] - The company has been providing value through competitive rates and excellent customer service since 1962, employing nearly 4,100 staff and working with over 6,500 independent agents [4] Winter Maintenance Tips - Check the battery to ensure it is fully charged and inspect for corrosion, replacing old batteries before winter [5] - Inspect tires for sufficient tread and proper inflation, considering winter tires in snowy areas [5] - Top off fluids, including winter-grade windshield washer fluid, engine oil, coolant, and brake fluid [5] - Test brakes to ensure they are functioning properly for icy conditions [5] - Replace wiper blades and ensure defrosters and heaters are operational for visibility [5] - Check all vehicle lights to ensure they are working, replacing any burnt-out bulbs [5] - Prepare a winter emergency kit with essentials like a flashlight, jumper cables, blankets, and non-perishable snacks [5]

Core Viewpoint - Mercury General Corporation will host an investor conference call on February 12, 2025, to discuss its fourth quarter and annual results for 2024, along with information regarding the Southern California Wildfires and its reinsurance program [1][2]. Company Overview - Mercury General Corporation is a multiple line insurance organization primarily offering personal automobile and homeowners insurance through independent producers and direct-to-consumer sales across various states [3]. Event Details - The investor conference call will take place at 9:00 A.M. Pacific Time (12:00 P.M. Eastern Time) and will be accessible via a conference call and webcast, with presentation slides to be provided in a separate press release prior to the event [1][2]. - A replay of the call and webcast will be available shortly after the event [2]. Additional Information - For further details about the company and its offerings, interested parties can visit the company's website at http://www.mercuryinsurance.com [3].

LOS ANGELES, Jan. 22, 2025 /PRNewswire/ -- Mercury General Corporation (NYSE: MCY) reported today that after the markets close on Tuesday, February 11, 2025, the Company will issue an earnings press release reporting its results for the fourth quarter of 2024, and will also file its annual report on Form 10-K with the Securities and Exchange Commission.  The earnings press release should be read in conjunction with the Company's annual report on Form 10-K.Mercury General Corporation and its subsidiaries are ...

LOS ANGELES, Jan. 20, 2025 /PRNewswire/ -- Mercury General Corporation (the "Company" or "Mercury") is providing more information about the recent Southern California Wildfires, known as the Palisades and Eaton fires (collectively, the "Wildfires"), and the Company's reinsurance program.  Most of the affected areas are closed due to ongoing hazardous conditions. The Company has received many claims and is using aerial images to assist in determining whether properties are total losses. Claims continue to b ...

Company Stands With Californians as They Begin Their Rebuilding Efforts LOS ANGELES, Jan. 17, 2025 /PRNewswire/ -- Mercury Insurance is providing comprehensive support to its customers impacted by the ongoing Los Angeles area wildfires. The company is prioritizing the timely handling of claims, providing immediate financial support, and helping insureds through the claims process. Immediate Payments: The company has already begun disbursing additional living expenses and claims payment advances to those af ...

Innovative City Planning and State Officials' Leadership Pave the Way for Mercury Insurance to Begin Offering Homeowners Coverage to Paradise Residents in the Wake of Catastrophic Wildfire PARADISE, Calif., Jan. 7, 2025 /PRNewswire/ -- Mercury Insurance (NYSE: MCY), a leading provider of property and casualty insurance, announced today that the company will begin writing new homeowners insurance policies in the town of Paradise, CA. Mercury is the first major insurance company to begin offering policies to ...

Mercury's New Umbrella Insurance Better Protects Arizonans' Personal Wealth Against Bodily Injury Claims LOS ANGELES, Dec. 16, 2024 /PRNewswire/ -- Multi-vehicle crashes, dog bites or a delivery person being injured on your property are some of the unexpected events that are putting Arizonans' personal financial health at risk. In fact, bodily injury payouts continue to climb year over year since the pandemic started, with the average amount for a liability claim increasing by 35%, according to Mercury Insu ...

The S&P 500 posted its best month of 2024 in November. The Nasdaq and the benchmark are trading at fresh all-time highs to start December as Wall Street looks ahead to the likelihood of more Fed rate cuts and strong earnings growth, as well as lower taxes and less red tape under a second Trump term.  The bulls are in control, but investors might decide to start looking to value stock to close out 2024 after loading up on Nvidia and plenty of other growth-heavy artificial intelligence stocks throughout the y ...

New Initiative Celebrates Everyday Champions Making a Positive Impact in Los AngelesLOS ANGELES, Nov. 19, 2024 /PRNewswire/ -- Mercury Insurance, in partnership with the Los Angeles Kings, has launched the Hockeywood Wall of Fame – a dynamic initiative dedicated to honoring the unsung heroes of our vibrant Los Angeles community. Housed at the Toyota Sports Performance Center, the wall was officially unveiled at a launch event on Sunday, Nov. 17,* which featured LA Kings stars Anze Kopitar, Trevor Lewis and ...