Mercury General Corp. on Monday reported 9 percent higher first-quarter profit as revenue from both premiums and investment income rose.

The Los Angeles auto and property insurer reported net income of $72.6 million ($1.32 a share), compared with $66.4 million ($1.21) in the same period a year earlier.

Operating income, which excludes realized investment gains and losses, was up 12 percent to $42.2 million (77 cents). Revenue rose 3 percent to $762 million.

Analysts surveyed by Thomson Reuters on average expected operating income of 64 cents a share on revenue of $718 million.

Shares closed up $1.02, or 2 percent, to $48.19 on the New York Stock Exchange.