Mercury General Reports Net Income of $68.2 Million for Q3, Tirador is CEO

Mercury General Reports Net Income of $68.2 Million for Q3, Tirador is CEO: "Send Feedback E-mail this Article Print this Article
Mercury General Reports Net Income of $68.2 Million for Q3, Tirador is CEO
November 6, 2006
Mercury General Corp. reported net income of $68.2 million ($1.25 per share- diluted) in the third quarter 2006 compared with $73 million ($1.33 per share-diluted) for the same period in 2005. For the first nine months of 2006, net income was $164.7 million ($3.01 per share-diluted) compared with net income of $207 million ($3.78 per share-diluted) for the same period in 2005. Included in net income are net realized investment gains, net of tax, of $1.7 million ($0.03 per share-diluted) in the third quarter of 2006 compared with net realized investment gains, net of tax, of $5 million ($0.09 per share-diluted) for the same period in 2005, and net realized investment gains, net of tax, of $8.7 million ($0.16 per share-diluted) for the first nine months of 2006 compared with net realized investment gains, net of tax, of $10.0 million ($0.18 per share-diluted) for the same period in 2005.
Company-wide net premiums written were $776.2 million in the third quarter 2006, a 1.7 percent increase over third quarter 2005 net premiums written of $762.9 million, and were approximately $2.3 billion for the first nine months of 2006, a 3.7 percent increase over the same period in 2005. California net premiums written were $573.1 million in the third quarter of 2006, an increase of 5.1% over the same period in 2005, and were approximately $1.7 billion for the first nine months of 2006, a 5.9 percent increase over the same period in 2005. Non-California net premiums written were $203.1 million in the third quarter of 2006, a 6.7 pe"