Mercury General Reports Implements Salary Freeze, 7% Workforce Reduction

Mercury General reported net income in the first quarter 2009 was $96.7 million compared with net loss of $4 million for the same period in 2008. Included in net income are net realized investment gains, net of tax, of $50.7 million in the first quarter of 2009 compared with net realized investment losses, net of tax, of $59.9 million for the same period in 2008. Operating income was $46 million for the first quarter of 2009, down 17.8% from the same period in 2008. The combined ratio was 96.9 percent, compared with a combined ratio of 95.4 in the same period the previous year.

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