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(RTTNews) - Insurance provider Mercury General Corporation (MCY) on Tuesday reported first-quarter results, swinging to profit from last year, driven by significantly lower catastrophe losses.
Net income was $190.4 million, or $3.44 per share, compared with a net loss of $108.3 million, or $1.96 per share, in the same period last year.
Operating income for the quarter was $194.0 million or $3.50 per share, compared to an operating loss of $126.8 million or $2.29 per share last year.
Total revenues increased to $1.54 billion from $1.39 billion a year ago, supported by growth in premiums.
Net premiums earned rose to $1.45 billion from $1.28 billion last year, while net premiums written increased 17.9% to $1.55 billion.
The improvement in earnings was primarily due to a sharp decline in catastrophe losses, which fell to $93 million from $447 million in the prior-year period. The combined ratio improved significantly to 89.3% from 119.2% a year ago.
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