LOS ANGELES (AP) — Auto and homeowners' insurance provider Mercury General Corp. said Monday that its first-quarter net income slipped five percent as it booked higher costs and investment income declined.
The company reported net income of $58.2 million, or $1.06 per share, compared with $61.2 million, or $1.12 per share, a year ago. Operating income, which excludes investment gains and losses, fell to 72 cents per share from 85 cents, but still easily topped the 53 cents expected by analysts surveyed by FactSet.
Net investment income slipped 2 percent to $35.1 million from $35.9 million a year ago. The company also paid out more in accident claims during the quarter, compared with a year-ago period that had benefited from accounting adjustments.
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