NYSE: MCY
MERCURY GENERAL CORPCIK 0000064996 · SIC 6331 · Fire, Marine & Casualty Insurance
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Mercury General reports Q2 net income up 58% to $263.5M on improved underwriting
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Q2 net income +58% to $263.5M on improved underwriting; California rate wins boost pricing power
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Mercury General refinances credit facility with new $250M revolving line through 2031
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Mercury General raises $525M in 10-year senior notes at 6.25% to fund operations
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Mercury General prices $525M of 6.250% Senior Notes due 2036 to refinance existing debt
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Mercury General offers senior unsecured notes to refinance $375M 2027 notes and repay credit facility
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Mercury General swings to $190M profit in Q1 2026 from loss year prior
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Mercury General completes routine 2026 Annual Meeting, elects nine directors
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revenue $1.54B, net income $190.4M. Mercury General returns to profit as catastrophe losses plunge; California rate hikes approved
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Mercury General reports Q1 2026 earnings in routine disclosure
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Latest financial statements
From 10-Q filed Aug 4, 2026 (period ending Jun 30, 2026). As printed on the EDGAR/iXBRL face — not generated by the model.
Consolidated Statements of Operations (Unaudited)
(in thousands, except per share data)
| Description | Three months ended June 30, 2026 | Three months ended June 30, 2025 | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|---|---|
| Revenues: | ||||
| Net premiums earned | 1,497,767 | 1,366,738 | 2,950,180 | 2,649,808 |
| Net investment income | 89,763 | 78,759 | 175,399 | 160,238 |
| Net realized investment gains | 86,512 | 23,480 | 81,970 | 46,801 |
| Other | 7,723 | 8,908 | 14,026 | 14,916 |
| Total revenues | 1,681,765 | 1,477,885 | 3,221,575 | 2,871,763 |
| Expenses: | ||||
| Losses and loss adjustment expenses | 973,280 | 940,037 | 1,906,231 | 2,160,850 |
| Policy acquisition costs | 250,328 | 227,880 | 490,830 | 456,601 |
| Other operating expenses | 122,918 | 96,025 | 246,805 | 175,478 |
| Interest | 7,909 | 7,195 | 14,726 | 14,383 |
| Total expenses | 1,354,435 | 1,271,137 | 2,658,592 | 2,807,312 |
| Income before income taxes | 327,330 | 206,748 | 562,983 | 64,451 |
| Income tax expense | 63,828 | 40,276 | 109,061 | 6,306 |
| Net income | 263,502 | 166,472 | 453,922 | 58,145 |
| Net income per share: | ||||
| Basic | 4.76 | 3.01 | 8.20 | 1.05 |
| Diluted | 4.76 | 3.01 | 8.20 | 1.05 |
| Weighted average shares outstanding: | ||||
| Basic | 55,389 | 55,389 | 55,389 | 55,389 |
| Diluted | 55,389 | 55,389 | 55,389 | 55,389 |
Consolidated Balance Sheets
(in thousands)
| Description | June 30, 2026 (unaudited) | December 31, 2025 |
|---|---|---|
| ASSETS | ||
| Investments, at fair value: | ||
| Fixed maturity securities (amortized cost $5,802,102; $5,449,726) | 5,788,544 | 5,430,251 |
| Equity securities (cost $860,929; $728,460) | 974,212 | 812,787 |
| Short-term investments (cost $368,338; $336,978) | 368,357 | 336,992 |
| Total investments | 7,131,113 | 6,580,030 |
| Cash | 1,700,830 | 1,315,574 |
| Receivables: | ||
| Premiums | 828,516 | 751,554 |
| Allowance for credit losses on premiums receivable | (5,800) | (6,000) |
| Premiums receivable, net of allowance for credit losses | 822,716 | 745,554 |
| Accrued investment income | 74,730 | 73,004 |
| Other | 78,067 | 86,508 |
| Total receivables | 975,513 | 905,066 |
| Reinsurance recoverables (net of allowance for credit losses $1; $39) | 44,249 | 109,672 |
| Deferred policy acquisition costs | 378,014 | 359,724 |
| Fixed assets (net of accumulated depreciation $376,010; $345,930) | 151,109 | 146,880 |
| Operating lease right-of-use assets | 18,977 | 12,125 |
| Deferred income taxes | 23,861 | 30,637 |
| Goodwill | 42,796 | 42,796 |
| Other intangible assets, net | 6,399 | 6,827 |
| Other assets | 69,504 | 51,338 |
| Total assets | 10,542,365 | 9,560,669 |
| LIABILITIES AND SHAREHOLDERS’ EQUITY | ||
| Loss and loss adjustment expense reserves | 3,674,700 | 3,633,338 |
| Unearned premiums | 2,414,836 | 2,255,935 |
| Notes payable | 943,752 | 574,527 |
| Accounts payable and accrued expenses | 422,764 | 448,703 |
| Operating lease liabilities | 18,376 | 12,328 |
| Current income taxes | 2,947 | 30,770 |
| Other liabilities | 228,965 | 187,793 |
| Total liabilities | 7,706,340 | 7,143,394 |
| Commitments and contingencies | ||
| Shareholders’ equity: | ||
| Common stock without par value or stated value: Authorized 70,000 shares; issued and outstanding 55,389; 55,389 | 99,699 | 99,699 |
| Retained earnings | 2,736,326 | 2,317,576 |
| Total shareholders’ equity | 2,836,025 | 2,417,275 |
| Total liabilities and shareholders’ equity | 10,542,365 | 9,560,669 |
Consolidated Statements of Cash Flows (Unaudited)
(in thousands)
| Description | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|
| CASH FLOWS FROM OPERATING ACTIVITIES | ||
| Net income | 453,922 | 58,145 |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||
| Depreciation and amortization | 40,368 | 34,946 |
| Net realized investment gains | (81,970) | (46,801) |
| Net gains on sales of fixed assets | — | (2,691) |
| Increase in premiums receivable | (77,162) | (59,478) |
| Decrease (increase) in reinsurance recoverables | 65,423 | (362,103) |
| Changes in current and deferred income taxes | (21,047) | 9,246 |
| Increase in deferred policy acquisition costs | (18,290) | (13,814) |
| Increase in loss and loss adjustment expense reserves | 41,362 | 460,129 |
| Increase in unearned premiums | 158,901 | 145,016 |
| (Decrease) increase in accounts payable and accrued expenses | (27,731) | 49,695 |
| Other, net | 9,527 | 30,586 |
| Net cash provided by operating activities | 543,303 | 302,876 |
| CASH FLOWS FROM INVESTING ACTIVITIES | ||
| Fixed maturity securities available for sale in nature: | ||
| Purchases | (1,196,795) | (932,141) |
| Sales | 397,341 | 394,363 |
| Calls or maturities | 428,288 | 437,461 |
| Equity securities available for sale in nature: | ||
| Purchases | (1,185,865) | (983,126) |
| Sales | 1,101,376 | 1,227,331 |
| Changes in securities payable and receivable | 18,310 | 1,553 |
| (Increase) decrease in short-term investments | (31,360) | 2,061 |
| Purchases of fixed assets | (32,932) | (27,513) |
| Sales of fixed assets | — | 12,733 |
| Other, net | 10,114 | 2,892 |
| Net cash (used in) provided by investing activities | (491,523) | 135,614 |
| CASH FLOWS FROM FINANCING ACTIVITIES | ||
| Dividends paid to shareholders | (35,172) | (35,172) |
| Net proceeds from issuance of senior notes | 519,422 | — |
| Payments on finance lease obligations | (774) | (1,323) |
| Paydown of principal on credit facility | (150,000) | — |
| Net cash provided by (used in) financing activities | 333,476 | (36,495) |
| Net increase in cash | 385,256 | 401,995 |
| Cash: | ||
| Beginning of the year | 1,315,574 | 720,257 |
| End of period | 1,700,830 | 1,122,252 |
| SUPPLEMENTAL CASH FLOW DISCLOSURE | ||
| Interest paid | 13,402 | 14,125 |
| Income taxes paid (refunded), net | ||
| U.S. federal | 129,000 | (3,256) |
| U.S. state and local | ||
| California | 651 | 67 |
| Other | 444 | 242 |
| Foreign | 13 | 8 |
| Total income taxes paid (refunded), net | 130,108 | (2,939) |
Amounts as printed on the EDGAR/iXBRL face — (in thousands, except per share data); (in thousands). Labels, columns, and figures are the filing face, not a GAAP stencil. Interactive statements & notes on EDGAR ↗