LOS ANGELES ,
Oct. 31,
2023 /PRNewswire/ -- Mercury General Corporation
(NYSE: MCY) reported today for the third quarter of 2023:
|
Consolidated
Highlights
|
|
Three Months
Ended
September
30,
|
|
Change
|
|
Nine Months
Ended
September
30,
|
|
Change
|
|
2023
|
|
2022
|
|
$
|
|
%
|
|
2023
|
|
2022
|
|
$
|
|
%
|
|
(000's except
per-share amounts and ratios)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net premiums
earned
|
$
1,090,311
|
|
$
996,939
|
|
$
93,372
|
|
9.4
|
|
$
3,129,483
|
|
$
2,947,000
|
|
$
182,483
|
|
6.2
|
|
Net premiums written
(1)
|
$
1,206,503
|
|
$
1,034,476
|
|
$ 172,027
|
|
16.6
|
|
$
3,332,049
|
|
$
3,062,267
|
|
$
269,782
|
|
8.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net realized investment
losses, net of tax (2)
|
$
(71,101)
|
|
$ (113,928)
|
|
$
42,827
|
|
NM
|
|
$
(48,010)
|
|
$ (459,177)
|
|
$
411,167
|
|
NM
|
|
Net loss
|
$
(8,227)
|
|
$
(98,303)
|
|
$
90,076
|
|
NM
|
|
$
(95,058)
|
|
$ (505,902)
|
|
$
410,844
|
|
NM
|
|
Net loss per diluted
share (3)
|
$ (0.15)
|
|
$ (1.78)
|
|
$ 1.63
|
|
NM
|
|
$ (1.72)
|
|
$ (9.14)
|
|
$
7.42
|
|
NM
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income (loss)
(1)
|
$
62,874
|
|
$
15,625
|
|
$
47,249
|
|
302.4
|
|
$
(47,048)
|
|
$
(46,725)
|
|
$
(323)
|
|
NM
|
|
Operating income (loss)
per diluted share (1)
|
$ 1.14
|
|
$ 0.28
|
|
$ 0.86
|
|
307.1
|
|
$ (0.85)
|
|
$ (0.84)
|
|
$
(0.01)
|
|
NM
|
|
Catastrophe losses net
of reinsurance (4)
|
$
33,000
|
|
$
19,000
|
|
$
14,000
|
|
73.7
|
|
$
223,000
|
|
$
62,000
|
|
$
161,000
|
|
259.7
|
|
Combined ratio
(5)
|
98.6 %
|
|
102.8 %
|
|
—
|
|
(4.2) pts
|
|
107.9 %
|
|
106.3 %
|
|
—
|
|
1.6 pts
|
|
|
|
NM = Not
Meaningful
|
|
|
|
(1)
|
These measures are not
based on U.S. generally accepted accounting principles ("GAAP"),
are defined in "Information Regarding GAAP and Non-GAAP Measures"
and are reconciled to the most directly comparable GAAP measures in
"Supplemental Schedules."
|
|
(2)
|
Net realized investment
losses before tax were $(90) million and $(144) million for the
three months ended September 30, 2023 and 2022, respectively, and
$(61) million and $(581) million for the nine months ended
September 30, 2023 and 2022, respectively. The changes in fair
value of the Company's investments are recorded as part of net
realized investment gains or losses in its consolidated statements
of operations due to the adoption of the fair value option for its
investments as permitted under GAAP.
|
|
(3)
|
Any incremental shares
are excluded from the net loss per diluted share calculation as
their effect would be anti-dilutive, in accordance with
GAAP.
|
|
(4)
|
No reinsurance benefits
were available for the catastrophe losses incurred during the nine
months ended September 30, 2023 and 2022, as none of the
catastrophe events during these periods individually resulted in
losses in excess of the Company's retention limit. Catastrophe
losses incurred during the nine months ended September 30, 2023
resulted primarily from winter storms and rainstorms in California,
Texas and Oklahoma, and the impact of Hurricane Hilary in
California. Catastrophe losses incurred during the nine months
ended September 30, 2022 resulted primarily from winter
storms, rainstorms and hail in Texas and Oklahoma, the impact of
Hurricane Ian in Florida, and winter storms in California. The
Company experienced favorable development of approximately $4
million and unfavorable development of approximately $4 million on
prior years' catastrophe losses for the nine months ended
September 30, 2023 and 2022,
respectively.
|
|
(5)
|
The Company experienced
favorable development of approximately $12 million and $1 million
on prior accident years' loss and loss adjustment expense reserves
for the three months ended September 30, 2023 and 2022,
respectively, and favorable development of approximately $32
million and unfavorable development of approximately $50 million on
prior accident years' loss and loss adjustment expense reserves for
the nine months ended September 30, 2023 and 2022, respectively.
The year-to-date favorable development in 2023 was primarily
attributable to lower than estimated losses and loss adjustment
expenses in the private passenger automobile and homeowners lines
of insurance business, partially offset by unfavorable development
in the commercial property line of insurance business. The
year-to-date unfavorable development in 2022 was primarily
attributable to higher than estimated losses and loss adjustment
expenses in the private passenger automobile line of insurance
business. Extreme rates of inflation in 2022 have begun to moderate
in 2023, but remain elevated and continue to negatively impact loss
severity.
|
|
Investment
Results
|
|
|
Three Months Ended
September 30,
|
|
Nine Months Ended
September 30,
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
|
(000's
except average annual yield)
|
|
|
|
|
|
|
|
|
Average invested assets
at cost (1)
|
$ 5,106,049
|
|
$ 4,912,521
|
|
$ 5,060,778
|
|
$
4,889,050
|
|
Net investment income
(2)
|
|
|
|
|
|
|
|
|
Before income
taxes
|
$
60,965
|
|
$
44,563
|
|
$
171,287
|
|
$
118,469
|
|
After income
taxes
|
$
51,958
|
|
$
38,653
|
|
$
146,571
|
|
$
103,091
|
|
Average annual yield on
investments - after income taxes (2)
|
4.1 %
|
|
3.2 %
|
|
3.9 %
|
|
2.8 %
|
|
|
|
(1)
|
Fixed maturities and
short-term bonds at amortized cost; equities and other short-term
investments at cost. Average invested assets at cost are based on
the monthly amortized cost of the invested assets for each
period.
|
|
(2)
|
Higher net investment
income before and after income taxes for the three and nine months
ended September 30, 2023 compared to the corresponding periods in
2022 resulted largely from higher average yield combined with
higher average invested assets. Average annual yield on investments
after income taxes for the three and nine months ended September
30, 2023 increased compared to the corresponding periods in 2022,
primarily due to the maturity and replacement of lower yielding
investments purchased when market interest rates were lower with
higher yielding investments, as a result of increasing overall
market interest rates, as well as higher yields on investments
based on floating interest rates.
|
The Company continues to implement rate and non-rate actions to
improve underwriting results. However, rate increases take time to
earn in. Recent rate increases are summarized below:
|
Rate
Increases
Implemented in
2022
|
|
Rate
Increases
Implemented in
2023
|
|
Rate Increases
Pending
Regulatory Approval
Or
Expected To
Be
Implemented in
the
Fourth Quarter of
2023
|
|
|
|
|
|
|
|
California Personal
Auto
|
None
|
|
14.4%
(b)
|
|
20.8%
(d)
|
|
California
Homeowners
|
None
|
|
12.6 %
|
|
7.0%
(e)
|
|
California Commercial
Auto
|
None
|
|
29.8%
(c)
|
|
None
|
|
|
|
|
|
|
|
Personal Auto Outside
of California (a)
|
20.3 %
|
|
18.9 %
|
|
5.0%
(f)
|
|
Homeowners Outside of
California (a)
|
17.1 %
|
|
19.7 %
|
|
3.6%
(f)
|
|
|
(a) Rate increase is a
weighted average of increases in states outside of California based
on earned premiums in 2022.
|
|
(b) Represents the
cumulative effect of two rate increases: 6.9% in March 2023 and
6.99% in July 2023.
|
|
(c) Represents the
cumulative effect of two rate increases: 13.0% in February 2023 and
14.9% in October 2023.
|
|
(d) Rate was filed in
July 2023. Awaiting approval by the California Department of
Insurance ("DOI") before it can be implemented.
|
|
(e) Rate was filed in
May 2023. Awaiting approval by the California DOI before it can be
implemented.
|
|
(f) Includes rates
already approved but not implemented or rates that will be filed
under "use and file" or "file and use."
|
|
CEO Gabe Tirador commented: "We
are pleased that our rate and non-rate actions are manifesting in
our improved underwriting results. The third quarter results also
benefited from moderating inflation and favorable reserve
development. Additionally, third quarter catastrophe losses were at
a normal level, compared to the elevated levels experienced in the
first and second quarters of 2023. Higher rates will continue to
earn-in in the fourth quarter, which will help offset historically
higher seasonal frequency and severity."
The Board of Directors declared a quarterly dividend of
$0.3175 per share. The dividend will
be paid on December 28, 2023 to shareholders of record on
December 14, 2023.
Mercury General Corporation and its subsidiaries are a multiple
line insurance organization offering predominantly personal
automobile and homeowners insurance through a network of
independent producers and direct-to-consumer sales in many states.
For more information, visit the Company's website at
www.mercuryinsurance.com.
The Private Securities Litigation Reform Act of 1995 provides
a "safe harbor" for certain forward-looking statements. Certain
statements contained in this report are forward-looking statements
based on the Company's current expectations and
beliefs concerning future developments and their potential effects
on the Company. There can be no assurance that future developments
affecting the Company will be those anticipated by the Company.
Actual results may differ from those projected in the
forward-looking statements. These forward-looking statements
involve significant risks and uncertainties (some of which are
beyond the control of the Company) and are subject to change based
upon various factors, including but not limited to the following
risks and uncertainties: changes in the demand for the
Company's insurance products, inflation and general
economic conditions, including general market risks associated with
the Company's investment portfolio; the accuracy and
adequacy of the Company's pricing methodologies;
catastrophes in the markets served by the Company; uncertainties
related to estimates, assumptions and projections generally; the
possibility that actual loss experience may vary adversely from the
actuarial estimates made to determine the Company's
loss reserves in general; the Company's ability to
obtain and the timing of the approval of premium rate changes for
insurance policies issued in the states where it operates;
legislation adverse to the automobile insurance industry or
business generally that may be enacted in the states where the
Company operates; the Company's success in managing
its business in non-California
states; the presence of competitors with greater financial
resources and the impact of competitive pricing and marketing
efforts; the Company's ability to successfully allocate the
resources used in the states with reduced or exited operations to
its operations in other states; changes in driving patterns and
loss trends; acts of war and terrorist activities; pandemics,
epidemics, widespread health emergencies, or outbreaks of
infectious diseases; court decisions and trends in litigation and
health care and auto repair costs; and legal, cybersecurity,
regulatory and litigation risks. The Company undertakes no
obligation to publicly update or revise any forward-looking
statements, whether as the result of new information, future events
or otherwise. For a more detailed discussion of some of the
foregoing risks and uncertainties, see the Company's
Annual Report on Form 10-K filed with the United States Securities
and Exchange Commission on February 14, 2023.
|
MERCURY GENERAL
CORPORATION AND SUBSIDIARIES
SUMMARY OF OPERATING
RESULTS
(000's except per-share
amounts and ratios)
(unaudited)
|
|
|
Three Months Ended
September 30,
|
|
Nine Months Ended
September 30,
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
|
Revenues:
|
|
|
|
|
|
|
|
|
Net premiums
earned
|
$ 1,090,311
|
|
$
996,939
|
|
$ 3,129,483
|
|
$ 2,947,000
|
|
Net investment
income
|
60,965
|
|
44,563
|
|
171,287
|
|
118,469
|
|
Net realized investment
losses
|
(90,001)
|
|
(144,213)
|
|
(60,772)
|
|
(581,237)
|
|
Other
|
3,917
|
|
2,998
|
|
15,000
|
|
7,141
|
|
Total revenues
|
1,065,192
|
|
900,287
|
|
3,254,998
|
|
2,491,373
|
|
Expenses:
|
|
|
|
|
|
|
|
|
Losses and loss adjustment
expenses
|
823,742
|
|
787,462
|
|
2,651,081
|
|
2,436,175
|
|
Policy acquisition
costs
|
181,569
|
|
168,870
|
|
518,813
|
|
487,444
|
|
Other operating
expenses
|
69,192
|
|
68,585
|
|
207,223
|
|
208,305
|
|
Interest
|
5,918
|
|
4,273
|
|
16,398
|
|
12,822
|
|
Total expenses
|
1,080,421
|
|
1,029,190
|
|
3,393,515
|
|
3,144,746
|
|
Loss before income
taxes
|
(15,229)
|
|
(128,903)
|
|
(138,517)
|
|
(653,373)
|
|
Income tax
benefit
|
(7,002)
|
|
(30,600)
|
|
(43,459)
|
|
(147,471)
|
|
Net loss
|
$
(8,227)
|
|
$
(98,303)
|
|
$
(95,058)
|
|
$
(505,902)
|
|
|
|
|
|
|
|
|
|
Basic average shares
outstanding
|
55,371
|
|
55,371
|
|
55,371
|
|
55,371
|
|
Diluted average shares
outstanding
|
55,371
|
|
55,371
|
|
55,371
|
|
55,371
|
|
|
|
|
|
|
|
|
|
Basic Per Share
Data
|
|
|
|
|
|
|
|
|
Net loss
|
$
(0.15)
|
|
$
(1.78)
|
|
$
(1.72)
|
|
$
(9.14)
|
|
Net realized investment
losses, net of tax
|
$
(1.28)
|
|
$
(2.06)
|
|
$
(0.87)
|
|
$
(8.29)
|
|
|
|
|
|
|
|
|
|
Diluted Per Share
Data
|
|
|
|
|
|
|
|
|
Net loss
|
$
(0.15)
|
|
$
(1.78)
|
|
$
(1.72)
|
|
$
(9.14)
|
|
Net realized investment
losses, net of tax
|
$
(1.28)
|
|
$
(2.06)
|
|
$
(0.87)
|
|
$
(8.29)
|
|
|
|
|
|
|
|
|
|
Operating Ratios-GAAP
Basis
|
|
|
|
|
|
|
|
|
Loss ratio
|
75.6 %
|
|
79.0 %
|
|
84.7 %
|
|
82.7 %
|
|
Expense
ratio
|
23.0 %
|
|
23.8 %
|
|
23.2 %
|
|
23.6 %
|
|
Combined
ratio
|
98.6 %
|
|
102.8 %
|
|
107.9 %
|
|
106.3 %
|
|
MERCURY GENERAL
CORPORATION AND SUBSIDIARIES
CONDENSED BALANCE
SHEETS AND OTHER INFORMATION
(000's except per-share
amounts and ratios)
|
|
|
September 30,
2023
|
|
December 31,
2022
|
|
(unaudited)
|
|
|
|
ASSETS
|
|
|
|
|
Investments, at fair
value:
|
|
|
|
|
Fixed maturity securities
(amortized cost $4,306,573; $4,226,790)
|
$
4,114,657
|
|
$
4,088,311
|
|
Equity securities (cost
$679,105; $668,843)
|
670,993
|
|
699,552
|
|
Short-term investments (cost
$212,715; $123,928)
|
211,778
|
|
122,937
|
|
Total investments
|
4,997,428
|
|
4,910,800
|
|
Cash
|
453,936
|
|
289,776
|
|
Receivables:
|
|
|
|
|
Premiums
|
624,953
|
|
571,910
|
|
Allowance for credit losses on premiums receivable
|
(5,200)
|
|
(5,800)
|
|
Premiums receivable, net of allowance for credit losses
|
619,753
|
|
566,110
|
|
Accrued investment
income
|
58,273
|
|
52,474
|
|
Other
|
18,262
|
|
11,358
|
|
Total receivables
|
696,288
|
|
629,942
|
|
Reinsurance
recoverables (net of allowance for credit losses $6; $0)
|
26,446
|
|
25,895
|
|
Deferred policy
acquisition costs
|
296,572
|
|
266,475
|
|
Fixed assets,
net
|
148,668
|
|
171,442
|
|
Operating lease
right-of-use assets
|
17,843
|
|
20,183
|
|
Current income
taxes
|
75,279
|
|
55,136
|
|
Deferred income
taxes
|
66,156
|
|
42,903
|
|
Goodwill
|
42,796
|
|
42,796
|
|
Other intangible
assets, net
|
8,553
|
|
9,212
|
|
Other assets
|
92,273
|
|
49,628
|
|
Total assets
|
$
6,922,238
|
|
$
6,514,188
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
Loss and loss
adjustment expense reserves
|
$
2,723,776
|
|
$
2,584,910
|
|
Unearned
premiums
|
1,748,554
|
|
1,545,639
|
|
Notes
payable
|
573,629
|
|
398,330
|
|
Accounts payable and
accrued expenses
|
166,750
|
|
151,686
|
|
Operating lease
liabilities
|
19,047
|
|
21,924
|
|
Other
liabilities
|
316,150
|
|
289,568
|
|
Shareholders'
equity
|
1,374,332
|
|
1,522,131
|
|
Total liabilities and shareholders' equity
|
$
6,922,238
|
|
$
6,514,188
|
|
|
|
|
|
OTHER
INFORMATION
|
|
|
|
|
Common stock shares
outstanding
|
55,371
|
|
55,371
|
|
Book value per
share
|
$
24.82
|
|
$
27.49
|
|
Statutory surplus
(a)
|
$1.57
billion
|
|
$1.50
billion
|
|
Net premiums written to
surplus ratio (a)
|
2.71
|
|
2.65
|
|
Debt to total capital
ratio (b)
|
29.5 %
|
|
20.8 %
|
|
Portfolio duration
(including all short-term instruments) (a)
(c)
|
3.7 years
|
|
3.5 years
|
|
Policies-in-force
(company-wide "PIF") (a)
|
|
|
|
|
Personal Auto PIF
|
1,035
|
|
1,101
|
|
Homeowners PIF
|
751
|
|
736
|
|
Commercial Auto
PIF
|
42
|
|
39
|
|
|
|
(a)
|
Unaudited.
|
|
(b)
|
Debt to Debt plus
Shareholders' Equity (Debt at face value).
|
|
(c)
|
Modified duration
reflecting anticipated early calls.
|
|
SUPPLEMENTAL
SCHEDULES
|
|
|
|
|
|
|
|
|
(000's except per-share
amounts and ratios)
(unaudited)
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30,
|
|
Nine Months Ended
September 30,
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
|
|
|
|
|
|
|
|
|
Reconciliations of
Comparable GAAP Measures to Operating Measures
(a)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net premiums
earned
|
$
1,090,311
|
|
$
996,939
|
|
$
3,129,483
|
|
$
2,947,000
|
|
Change in net unearned
premiums
|
116,192
|
|
37,537
|
|
202,566
|
|
115,267
|
|
Net premiums
written
|
$
1,206,503
|
|
$
1,034,476
|
|
$
3,332,049
|
|
$
3,062,267
|
|
|
|
|
|
|
|
|
|
Incurred losses and
loss adjustment expenses
|
$
823,742
|
|
$
787,462
|
|
$
2,651,081
|
|
$
2,436,175
|
|
Change in net loss and
loss adjustment expense reserves
|
(4,865)
|
|
(48,086)
|
|
(137,618)
|
|
(223,269)
|
|
Paid losses and loss
adjustment expenses
|
$
818,877
|
|
$
739,376
|
|
$
2,513,463
|
|
$
2,212,906
|
|
|
|
|
|
|
|
|
|
Net loss
|
$
(8,227)
|
|
$
(98,303)
|
|
$
(95,058)
|
|
$ (505,902)
|
|
Less: Net realized
investment losses
|
(90,001)
|
|
(144,213)
|
|
(60,772)
|
|
(581,237)
|
|
Tax
on net realized investment losses(b)
|
(18,900)
|
|
(30,285)
|
|
(12,762)
|
|
(122,060)
|
|
Net realized investment losses, net of tax
|
(71,101)
|
|
(113,928)
|
|
(48,010)
|
|
(459,177)
|
|
Operating income
(loss)
|
$
62,874
|
|
$
15,625
|
|
$
(47,048)
|
|
$
(46,725)
|
|
|
|
|
|
|
|
|
|
Per diluted
share:
|
|
|
|
|
|
|
|
|
Net loss
|
$
(0.15)
|
|
$
(1.78)
|
|
$
(1.72)
|
|
$
(9.14)
|
|
Less: Net realized
investment losses, net of tax
|
(1.28)
|
|
(2.06)
|
|
(0.87)
|
|
(8.29)
|
|
Operating income (loss)
(c)
|
$
1.14
|
|
$
0.28
|
|
$
(0.85)
|
|
$
(0.84)
|
|
|
|
|
|
|
|
|
|
Combined
ratio
|
|
|
|
|
107.9 %
|
|
106.3 %
|
|
Effect of estimated
prior periods' loss development
|
|
|
|
|
1.0 %
|
|
(1.7) %
|
|
Combined ratio-accident
period basis
|
|
|
|
|
108.9 %
|
|
104.6 %
|
|
|
|
(a)
|
See "Information
Regarding GAAP and Non-GAAP Measures" on page 8.
|
|
(b)
|
Based on federal
statutory rate of 21%.
|
|
(c)
|
Operating income (loss)
per diluted share for the three months ended September 30, 2023 and
nine months ended September 30, 2022 do not sum due to
rounding.
|
Information Regarding GAAP and Non-GAAP Measures
The Company has presented information within this document
containing operating measures which in management's opinion provide
investors with useful, industry specific information to help them
evaluate, and perform meaningful comparisons of, the Company's
performance, but that may not be presented in accordance with GAAP.
These measures are not intended to replace, and should be read in
conjunction with, the GAAP financial results.
Net income (loss) is the GAAP measure that is most
directly comparable to operating income (loss). Operating income
(loss) is net income (loss) excluding realized investment gains
and losses, net of tax. Operating income (loss) is used by
management along with the other components of net income (loss) to
assess the Company's performance. Management uses operating income
(loss) as an important measure to evaluate the results of the
Company's insurance business. Management believes that operating
income (loss) provides investors with a valuable measure of the
Company's ongoing performance as it reveals trends in the Company's
insurance business that may be obscured by the effect of net
realized investment gains and losses. Realized investment gains and
losses may vary significantly between periods and are generally
driven by external economic developments such as capital market
conditions. Accordingly, operating income (loss) highlights the
results from ongoing operations and the underlying profitability of
the Company's core insurance business. Operating income (loss),
which is provided as supplemental information and should not be
considered as a substitute for net income (loss), does not reflect
the overall profitability of the Company's business. It should be
read in conjunction with the GAAP financial results. See
"Supplemental Schedules" above for a reconciliation of net income
(loss) to operating income (loss).
Net premiums earned, the most directly comparable GAAP
measure to net premiums written, represents the portion of premiums
written that is recognized as revenue in the financial statements
for the periods presented and earned on a pro-rata basis over the
term of the policies. Net premiums written is a statutory
financial measure which represents the premiums charged on policies
issued during a fiscal period less any applicable
reinsurance. Net premiums written is designed to determine
production levels and is meant as supplemental information and not
intended to replace net premiums earned. Such information should be
read in conjunction with the GAAP financial results. See
"Supplemental Schedules" above for a reconciliation of net premiums
earned to net premiums written.
Incurred losses and loss adjustment expenses is the
most directly comparable GAAP measure to paid losses and loss
adjustment expenses. Paid losses and loss adjustment
expenses excludes the effects of changes in the loss reserve
accounts. Paid losses and loss adjustment expenses is provided as
supplemental information and is not intended to replace incurred
losses and loss adjustment expenses. It should be read in
conjunction with the GAAP financial results. See "Supplemental
Schedules" above for a reconciliation of incurred losses and loss
adjustment expenses to paid losses and loss adjustment
expenses.
Combined ratio is the most directly comparable
measure to combined ratio-accident period basis. Combined
ratio-accident period basis is computed as the difference
between two GAAP operating ratios: the combined ratio and prior
accident periods' loss development ratio. Management believes
that combined ratio-accident period basis is useful to investors
and it is used to reveal the trends in the Company's results of
operations that may be obscured by development on prior accident
periods' loss reserves. Combined ratio-accident period basis
is meant as supplemental information and is not intended to replace
the GAAP combined ratio. It should be read in conjunction with the
GAAP financial results. See "Supplemental Schedules" above for a
reconciliation of GAAP combined ratio to combined ratio-accident
period basis.
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SOURCE Mercury General Corporation