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