Mercury General Corp. announced on Monday that net premiums written were $618.6 million in the fourth quarter of 2011, a 0.2 percent increase compared from the fourth quarter of 2010, and net premiums were $2.6 billion for the year, a 0.8 percent increase from 2010.
Net realized investment gains, net of tax, of $47.4 million and $38.0 million for the fourth quarter and for the year, respectively, include gains, net of tax, of $35.2 million and $20.3 million, respectively, from the application of the fair value option. Gains, net of tax, from the sale of securities were $12.2 million and $17.1 million during the fourth quarter and the year, respectively.
The company’s board of directors declared a quarterly dividend of 61 cents per share to be paid on March 29 to shareholders of record on March 15.
Net income in the fourth quarter was $79.5 million, or $1.45 per diluted share, compared with a net loss of $23.6 million, 43 cents per diluted share, for the same period in 2010. For the year, net income was $191.2 million, $3.49 per diluted share, compared with net income of $152.2 million, $2.78 per diluted share, for 2010.
Mercury General Corp. and its subsidiaries are a multiple line insurance organization offering predominantly personal automobile and homeowners insurance through a network of independent producers in many states.
Shares of Mercury (NYSE: MCY) were down $1.62 to $43.39 in early trading on the New York Stock Exchange.
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