Mercury General Reports Higher Profit
NU Online News Service, July 28, 9:23 a.m. EDT?Mercury General Corp., a major California auto insurer, improved its second-quarter results yesterday, posting a $43.4 million net profit, which compares with $1.3 million for the period last year when the company sustained realized investment losses.
The insurer said the figure for company-wide premiums written also improved to $548.5 million during the past quarter, up 22.6 percent from $447.3 million reported one year ago, thanks to both policy count growth and rate increases. The combined ratio also improved to 94.3 percent, down from 96.9 percent during the 2002 second quarter.
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