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Mercury General
Mercury General (MCY) investor relations material
Mercury General Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary4 Nov, 2025
Executive summary
Net income for Q3 2025 was $280.4 million, up 21.5% year-over-year; nine-month net income was $338.5 million, down from $366.9 million year-over-year.
Net premiums earned rose 6.8% year-over-year for Q3 2025, driven by rate increases and policy growth in California auto and homeowners lines.
Catastrophe losses, primarily from the Palisades and Eaton wildfires, significantly impacted results, with $381 million in net catastrophe losses and LAE before taxes for the nine months ended September 30, 2025.
Operating income for Q3 2025 was $213.7 million, up 52.2% year-over-year; nine-month operating income was $234.9 million, down 3.8% year-over-year.
Favorable development on prior years' reserves contributed to improved loss ratios.
Financial highlights
Q3 2025 total revenues: $1.58 billion (up from $1.53 billion in Q3 2024).
Net investment income for Q3 2025: $84.0 million (up from $72.7 million in Q3 2024); nine-month net investment income: $244.2 million (up from $206.7 million).
Net realized investment gains for Q3 2025: $84.5 million (down from $114.4 million in Q3 2024); nine-month gains: $131.3 million (down from $155.5 million).
Combined ratio for Q3 2025: 87.0% (improved from 93.6% in Q3 2024); nine-month combined ratio: 99.0% (up from 97.6%).
Book value per share increased to $40.30 as of September 30, 2025, with total shareholders' equity at $2.23 billion.
Outlook and guidance
Management expects continued volatility due to catastrophe risk, regulatory changes, and market competition.
California regulatory changes allow for catastrophe modeling and reinsurance costs in rate-making, which may support future rate adequacy.
The company is actively pursuing subrogation recoveries and has received approval to recoup a portion of FAIR Plan assessments from policyholders.
Forward-looking statements caution on uncertainties in loss estimates, subrogation recoveries, and market conditions.
Justify Eaton fire subrogation recovery estimate
Explain 9-month accident period combined ratio increase
How sustainable is the higher investment yield trend?
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Next Mercury General earnings date
Q4 202517 Feb, 2026
Mercury General
Next Mercury General earnings date
Q4 202517 Feb, 2026
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Frequently asked questions
Mercury General Corporation is an insurance company that primarily provides personal automobile insurance, along with homeowners, renters, and business insurance. The company's core business focuses on offering auto insurance policies that cover liability, collision, and comprehensive protection for individual drivers. In addition to personal lines, Mercury General offers commercial insurance products for small to mid-sized businesses, including coverage for vehicles, property, and general liability. The company operates through a network of independent agents and brokers, serving customers across several U.S. states. The company is headquartered in Los Angeles, California, and its shares are listed on the NYSE.
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