Mercury General Corporation Reports Q4 EPS of $(0.43)

Mercury General Corporation MCY reported today for the fourth quarter of 2010 Net loss in the fourth quarter 2010 was $23.6 million ($0.43 per diluted share) compared with net income of $34.2 million ($0.62 per diluted share) for the same period in 2009. For the year, net income was $152.2 million ($2.78 per diluted share) compared with net income of $403.1 million ($7.32 per diluted share) for the same period in 2009. Included in net loss are net realized investment losses, net of tax, of $15.4 million ($0.28 per diluted share) in the fourth quarter of 2010 compared with net realized investment losses, net of tax, of $4.0 million ($0.07 per diluted share) for the same period in 2009, and net realized investment gains, net of tax, of $37.1 million ($0.68 per diluted share) for the year compared with net realized investment gains, net of tax, of $225.2 million ($4.09 per diluted share) for the same period in 2009. Operating loss was $8.3 million ($0.15 per diluted share) for the fourth quarter of 2010 compared with operating income of $38.2 million ($0.69 per diluted share) for the same period in 2009. For the year, operating income was $115.1 million ($2.10 per diluted share) compared with operating income of $177.9 million ($3.23 per diluted share) for the same period in 2009.