Mercury General Corp. reported higher earnings Monday on rising premium and investment income but it missed analysts’ estimates sending shares downward.
The Los Angeles-based automobile and home insurer reported fourth quarter net income of $50.1 million (91 cents per share), an 8.4 percent increase from $46.2 million (84 cents) from the same period a year earlier. That missed analysts’ expectations of $1.17 a share, according to Thompson Financial.
Company-wide net premiums for the Los Angeles-based insurance company were $741 million for the quarter, a 1.7 percent increase. An investment gain of $1.3 million contributed 2 cents a share to earnings.
Shares in Mercury were down 81 cents to $53.29 in midday trading Monday.
