Mercury Sees Earnings Decline in Quarter
Mercury General Corp., the Los Angeles-based seller of auto and homeowners insurance, said its second-quarter profit fell, weighed down by higher incurred losses and loss-adjustment expenses.
The insurer reported net income of $37.8 million, or 69 cents a share, versus $73.6 million, or $1.35, a year earlier. The results include net realized investment gains of 5 cents a share, compared with 4 cents a year earlier.
Wall Street had forecast a profit of $1.23 a share, according to the average estimate of analysts surveyed by Thomson Financial.
Net premiums written were $753.8 million, up 3% from a year earlier.
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