Mercury General has reported total revenues of $699.8m for the first quarter of 2010, a decrease of 11% compared to $786.9m for the same quarter in 2009.
Mercury General’s operating income for the first quarter was $46.8m, or $0.85 per diluted share compared to $45.9m, or $0.83 per diluted share for the same period last year.
The company’s first quarter net premiums written were $652.4m, which is a decrease of 2.75% compared to $670.8m for the same quarter in 2009.
For the first quarter of 2010, the company posted net income of $61.1m, or $1.12 per diluted share compared to $96.6m, or $1.75 per diluted share for the same period last year.
Headquartered in Los Angeles, California, Mercury General and its subsidiaries are a multiple line insurance organization offering predominantly personal automobile and homeowners insurance through a network of independent producers in many states. It is an independent broker and agency writer of automobile insurance in California. It also writes other lines of insurance in various states, including mechanical breakdown and homeowners insurance.