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Mercury General MCY Property & Casualty — Underwriting gain (loss)

Other segment segments

Other
-$700K-75.0%

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Other financials

Income statement

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Revenue$1.5B+10.5%
Net income$190.4M+276%
EPS (diluted)$3.44+276%

Balance sheet

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Cash & equivalents$1.4B+5.1%
Total debt$12.7M-29.2%
Total assets$9.9B+9.4%

Cash flow

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Operating cash flow$325.6M+574%
CapEx$16.8M+27.8%
Free cash flow$308.8M+477%

Valuation

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Market cap$5.95B+50.5%
Enterprise value$4.61B+62.0%
P/E7.1×-3.1×
P/S+0.3×

Profitability

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Net margin13.7%+8.6pp
FCF margin23.1%+10.1pp

Where this comes from

Reported directly by Mercury General in its filing.

Tagged under the XBRL concept us-gaap:UnderwritingIncomeLoss.

The source filing: Mercury General’s 10-Q, filed May 5, 2026.

Filed
May 5, 2026, 4:12 PM EDT
Fiscal quarter
Q1 FY2026
Calendar quarter
Q1 2026
Accession
0000064996-26-000014
Line itemThree Months Ended March 31, 2026 / Property & CasualtyThree Months Ended March 31, 2026 / OtherThree Months Ended March 31, 2026 / TotalThree Months Ended March 31, 2025 / Property & CasualtyThree Months Ended March 31, 2025 / OtherThree Months Ended March 31, 2025 / Total
Losses and loss adjustment expenses928.44.5932.91,216.64.21,220.8
Policy acquisition costs237.82.7240.5225.82.9228.7
Other operating expenses123.10.8123.978.90.679.5
Underwriting gain (loss)155.8(0.7)155.1(245.5)(0.4)(245.9)
Investment income85.681.5
Net realized investment (losses) gains(4.5)23.3
Other income6.36.0
Interest expense(6.8)(7.2)

Item 1. Financial Statements

FAQ

What is Mercury General's property & casualty — underwriting gain (loss)?
Mercury General (MCY) reported property & casualty — underwriting gain (loss) of $155.8M in Q1 2026.
How has Mercury General's property & casualty — underwriting gain (loss) changed year-over-year?
Mercury General's property & casualty — underwriting gain (loss) increased by 163.5% year-over-year, from -$245.5M to $155.8M.
What is the long-term trend for Mercury General's property & casualty — underwriting gain (loss)?
Over 3 years (2022 to 2025), Mercury General's property & casualty — underwriting gain (loss) has grown at a -15.4% compound annual growth rate (CAGR), from -$345.5M to $209.1M.
What does property & casualty — underwriting gain (loss) mean?
This metric measures the profit or loss generated from insurance underwriting activities after accounting for premiums earned, losses, loss adjustment expenses, and underwriting expenses. It serves as a primary indicator of the core profitability of the insurance business, independent of investment income. A positive value indicates that the company is pricing its insurance products effectively relative to the risks assumed.

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