Mercury General Corp (MCY) has reported 15.68 percent rise in profit for the quarter ended Mar. 31, 2017. The company has earned $26.98 million, or $0.49 a share in the quarter, compared with $23.32 million, or $0.42 a share for the same period last year. Revenue during the quarter went up marginally by 2.86 percent to $847.50 million from $823.92 million in the previous year period. Net premium earned for the quarter went up marginally by 2.96 percent or $22.68 million to $789.77 million.
Total expenses move up marginallyBenefits, losses and expenses for the quarter were at $816.90 million, or 103.44 percent of premium earned from $797.89 million or 104.02 percent of premium earned in the last year period. Operating income for the quarter was $30.60 million, compared with $26.03 million in the previous year period. The company has recorded a gain on investments of $24.46 million in the quarter compared with a gain of $25.06 million for the previous year period.
Liabilities outpace assets growthTotal assets increased 3.66 percent or $171.93 million to $4,863.99 million on Mar. 31, 2017. On the other hand, total liabilities were at $3,118.02 million as on Mar. 31, 2017, up 8.09 percent or $233.34 million from year-ago. Return on assets stood at 0.61 percent in the quarter, up 0.09 from 0.52 percent in the last year period. At the same time, return on equity was at 1.55 percent in the quarter, up 0.25 from 1.29 percent in the last year period.
Investments move up marginallyInvestments stood at $3,600.50 million as on Mar. 31, 2017, up 4.87 percent or $167.18 million from year-ago. Net premiums and other receivables were almost stable over the year to $478.34 million on Mar. 31, 2017.
Total debt was at $371.04 million as on Mar. 31, 2017, up 27.95 percent or $81.04 million from year-ago. Shareholders equity stood at $1,745.97 million as on Mar. 31, 2017, down 3.40 percent or $61.41 million from year-ago. As a result, debt to equity ratio went up 5 basis points to 0.21 percent in the quarter from 0.16 percent in the last year period.
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