LOS ANGELES, May 5, 2026 /PRNewswire/ -- Mercury General Corporation (NYSE: MCY) reported today for the first quarter of 2026: Consolidated Highlights Three Months Ended March 31, Change 2026 2025 $ % (000's except per-share amounts and ratios) Net premiums earned (2) $ 1,452,413 $ 1,283,069 $ 169,344 13.2 Net premiums written (1) (2) $ 1,550,118 $ 1,314,380 $ 235,738 17.9 Direct premiums written (1) $ 1,572,741 $ 1,445,443 $ 127,298 8.8 Net realized investment (losses) gains, net of tax (3) $ (3,589) $ 18,424 $ (22,013) (119.5) Net income (loss) $ 190,421 $ (108,327) $ 298,748 NM Net income (loss) per diluted share $ 3.44 $ (1.96) $ 5.4 NM Operating income (loss) (1) $ 194,010 $ (126,751) $ 320,761 NM Operating income (loss) per diluted share (1) $ 3.50 $ (2.29) $ 5.79 NM Catastrophe losses net of reinsurance (4) $ 93,000 $ 447,000 $ (354,000) (79.2) Combined ratio (5) 89.3 % 119.2 % — (29.9) 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 premiums earned and net premiums written for the three months ended March 31, 2025 include $76 million and $127 million, respectively, of increased ceded reinsurance premiums due to the Company's reinsurance treaty being fully used up and from the reinstatement of the Company's catastrophe reinsurance benefits following the Palisades and Eaton wildfires in January 2025.
