Mercury General
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Mercury General reports a 47.5% drop in Q3 operating profit despite higher premiums.
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Joseph, who's father founded Mercury General in 1961, has held positions within the company since 2009.
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Following strong year-to-date performance, P&C stocks were down in June after a change of tone in a Fed meeting.
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Net written premiums at the carrier were down 0.4% in the quarter to $950mn.
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Operating profits surged sixfold to $76mn during Q4.
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Inside P&C’s research team examines some of the areas that will be closely watched during the results season.
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The company reported diluted earnings per share of $1.23, comfortably beating an analyst consensus of $1.06 per share.
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The “empty-street” economy has left auto exposed names in a relatively favorable position, highlighted by a second quarter of strong earnings growth and beats when compared to street estimates.
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The move follows a trend of increased reinsurance buying by Mercury, since the devastating wildfires of 2018.
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The firm expects to pay an additional $22mn in rebates for July premium in August.
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Yesterday morning, Mercury General released its Q1 results, which included an earnings beat and a 1.3pt improvement in its headline combined to 95.9%.
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Mercury General reported improved YoY earnings but a notable increase in frequency.
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