Mercury General Corp. more than tripled its second quarter earnings on higher revenue, lower expenses, and investment gains.

The Los Angeles provider of homeowners and auto insurance on Monday reported net income nearly $57.3 million ($1.04 per share), compared with $17.8 million (32 cents) in the same period a year earlier. The results include net realized investment gains of $15.5 million (28 cents), compared with a loss of $18 million (-33 cents) a year earlier.

Total revenue rose 8 percent to more than $706 million.

Operating income rose 16 percent to $41.8 million (76 cents). Analysts surveyed by Thomson Reuters on average expected the company to report per-share operating income of 63 cents on revenue of $677 million.

Net realized investment gains were $23.8 million, compared with a net realized investment loss of $27.7 million a year earlier. Net premiums written rose 0.8 percent to $636 million. The company’s combined ratio – the percentage of premiums spent on claims and expenses – improved slightly to 98 percent compared with 99 percent in the year-earlier period.

Shares closed up $1.54, or 4 percent, to $36.68 on the New York Stock Exchange.