Form 8-K

8-K — MERCURY GENERAL CORP

Accession: 0001193125-26-206384

Filed: 2026-05-05

Period: 2026-05-05

CIK: 0000064996

SIC: 6331 (FIRE, MARINE & CASUALTY INSURANCE)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — d480814d8k.htm (Primary)

EX-99.1 (d480814dex991.htm)

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XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

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8-K

CHX 0000064996 false 0000064996 2026-05-05 2026-05-05 0000064996 exch:XNYS 2026-05-05 2026-05-05 0000064996 exch:XCHI 2026-05-05 2026-05-05

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): May 5, 2026

Commission File No. 001-12257

MERCURY GENERAL CORPORATION

(Exact Name of Registrant as Specified in Charter)

California

95-2211612

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer

Identification No.)

4484 Wilshire Boulevard

Los Angeles, California

90010

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code: (323) 937-1060

Not applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14.a-12)

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class

Trading

Symbol(s)

Name of Each Exchange

on Which Registered

Common Stock

MCY

New York Stock Exchange

Common Stock

MCY

New York Stock Exchange Texas

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02.

Results of Operations and Financial Condition

The following information is furnished pursuant to Item 2.02, “Results of Operations and Financial Condition,” and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section. Such information, including Exhibit 99.1, shall not be incorporated by reference into any filing of Mercury General Corporation (the “Company”), whether made before or after the date hereof, regardless of any general incorporation language in such filing.

On May 5, 2026, the Company issued a press release announcing its financial results for the first quarter ended March 31, 2026. A copy of the press release is attached hereto as Exhibit 99.1.

Item 9.01.

Financial Statements and Exhibits

(d) Exhibits.

99.1

Press Release, dated May 5, 2026, issued by Mercury General Corporation, furnished pursuant to Item 2.02 of Form 8-K.

104.

Cover page Interactive Data File (formatted as inline XBRL)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

MERCURY GENERAL CORPORATION

Date: May 5, 2026

By:

/s/ Theodore R. Stalick

Name:

Theodore R. Stalick

Its:

Senior Vice President and Chief Financial Officer

EX-99.1

Filename: d480814dex991.htm · Sequence: 2

EX-99.1

Exhibit 99.1

4484 Wilshire Boulevard

Los Angeles, California 90010

(323) 937-1060

Fax (323) 857-7125

Press

Release

FOR MORE INFORMATION, CONTACT:

Theodore

Stalick, SVP/CFO

(323) 937-1060

www.mercuryinsurance.com

For Release: May 5, 2026

Mercury General Corporation Announces First

Quarter Results and Declares Quarterly Dividend

Los Angeles, California…Mercury General Corporation (NYSE: MCY) reported today for the first quarter of 2026:

Consolidated Highlights

Three Months Ended March 31,

Change

2026

2025

(000’s except per-share amounts and

ratios)

Net premiums earned (2)

1,452,413

1,283,069

169,344

13.2

Net premiums written (1) (2)

1,550,118

1,314,380

235,738

17.9

Direct premiums written (1)

1,572,741

1,445,443

127,298

8.8

Net realized investment (losses) gains, net of tax

(3)

(3,589

)

18,424

(22,013

)

(119.5

)

Net income (loss)

190,421

(108,327

)

298,748

Net income (loss) per diluted share

3.44

(1.96

)

5.4

Operating income (loss) (1)

194,010

(126,751

)

320,761

Operating income (loss) per diluted share

(1)

3.50

(2.29

)

5.79

Catastrophe losses net of reinsurance

(4)

93,000

447,000

(354,000

)

(79.2

)

Combined ratio (5)

89.3

119.2

—

(29.9

) pts

NM = Not Meaningful

(1)

These measures are not based on U.S. generally accepted accounting principles (“GAAP”), are defined

in “Information Regarding GAAP and Non-GAAP Measures” and are reconciled to the most directly comparable GAAP measures in “Supplemental Schedules.”

(2)

Net premiums earned and net premiums written for the three months ended March 31, 2025 include

$76 million and $127 million, respectively, of increased ceded reinsurance premiums due to the Company’s reinsurance treaty being fully used up and from the reinstatement of the Company’s catastrophe reinsurance benefits

following the Palisades and Eaton wildfires in January 2025.

(3)

Net realized investment (losses) gains before tax was $(5) million and $23 million for the three months

ended March 31, 2026 and 2025, respectively. The changes in fair value of the Company’s investments are recorded as part of net realized investment gains or losses in its consolidated statements of operations due to the adoption of the

fair value option under GAAP.

(4)

The majority of 2026 catastrophe losses resulted from adverse reserve development on the Palisades and Eaton

wildfires, and storms in California, Texas and Oklahoma. The majority of 2025 catastrophe losses resulted from the Palisades and Eaton wildfires.

(5)

The Company experienced favorable development of approximately $9 million and $51 million on prior

accident years’ loss and loss adjustment expense reserves for the three months ended March 31, 2026 and 2025, respectively. The favorable development for the first quarter of 2026 was primarily attributable to lower than estimated losses

in the automobile line of insurance business, partially offset by adverse development on the homeowners line of insurance business, including adverse development on the prior years’ catastrophe losses. The favorable development for the first

quarter of 2025 was primarily attributable to lower than estimated losses in the automobile line of insurance business, and the homeowners line of insurance business, including favorable development on prior years’ catastrophe losses.

Investment Results

Three Months Ended

March 31,

2026

2025

(000’s except average annual yield)

Average invested assets at cost (1)

6,643,376

5,594,499

Net investment income (2) (3)

Before income taxes

85,636

81,479

After income taxes

72,859

67,850

Average annual yield on investments (2)

(3)

Before income taxes

4.5

4.9

After income taxes

3.9

4.1

(1)

Fixed maturities and short-term bonds at amortized cost; equities and other short-term investments at cost.

Average invested assets at cost are based on the monthly amortized cost of the invested assets excluding cash for each period.

(2)

Net investment income includes interest income earned on cash of approximately $11.2 million and

$13.1 million ($8.9 million and $10.3 million after tax) for the three months ended March 31, 2026 and 2025, respectively. Average annual yield on investments does not include interest income earned on cash.

(3)

Higher net investment income before and after income taxes for the three months ended March 31, 2026

compared to the corresponding period in 2025 resulted largely from higher average invested assets. Average annual yield on investments before income taxes for the three months ended March 31, 2026 decreased from the corresponding period in

2025, primarily due to an increase in tax-exempt investments with lower pre-tax yields, combined with lower yields on floating rate investments resulting from lower

short-term market interest rates. Average annual yield on investments after income taxes for the three months ended March 31, 2026 decreased from the corresponding period in 2025, primarily due to lower yields on floating rate investments

resulting from lower short-term market interest rates.

The Board of Directors declared a quarterly dividend of $0.3175 per share. The

dividend will be paid on June 25, 2026 to shareholders of record on June 11, 2026.

Mercury General Corporation and its subsidiaries are a multiple line insurance organization

offering predominantly personal automobile and homeowners insurance through a network of independent producers and direct-to-consumer sales in many states. For more

information, visit the Company’s website at www.mercuryinsurance.com.

The Private Securities Litigation Reform Act of 1995 provides a “safe harbor” for certain forward-looking statements. Certain statements

contained in this report are forward-looking statements based on the Company’s current expectations and beliefs concerning future developments and their potential effects on the Company. There can be no assurance that future developments

affecting the Company will be those anticipated by the Company. Actual results may differ from those projected in the forward-looking statements. These forward-looking statements involve significant risks and uncertainties (some of which are beyond

the control of the Company) and are subject to change based upon various factors, including but not limited to the following risks and uncertainties: changes in the demand for the Company’s insurance products, inflation and general economic

conditions, including general market risks associated with the Company’s investment portfolio; the accuracy and adequacy of the Company’s pricing methodologies; catastrophes in the markets served by the Company; uncertainties related to

estimates, assumptions and projections generally; the possibility that actual loss experience may vary adversely from the actuarial estimates made to determine the Company’s loss reserves in general, including subrogation recovery estimates;

the Company’s ability to obtain and the timing of the approval of premium rate changes for insurance policies issued in the states where it operates; legislation adverse to the automobile or homeowners insurance industry or business generally

that may be enacted in the states where the Company operates; the Company’s success in managing its business in non-California states; the presence of competitors with greater financial resources and the

impact of competitive pricing and marketing efforts; the Company’s ability to successfully allocate the resources used in the states with reduced or exited operations to its operations in other states; changes in driving patterns and loss

trends; acts of war and terrorist activities; effects of changing climate conditions; pandemics, epidemics, widespread health emergencies, or outbreaks of infectious diseases; court decisions and trends in litigation and health care and auto repair

costs; changes in global trade policies, including trade barriers or restrictions; and legal, cybersecurity, regulatory and litigation risks. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether

as the result of new information, future events or otherwise. For a more detailed discussion of some of the foregoing risks and uncertainties, see the Company’s Annual Report on Form 10-K filed with the

United States Securities and Exchange Commission on February 17, 2026.

MERCURY GENERAL CORPORATION AND SUBSIDIARIES

SUMMARY OF OPERATING RESULTS

(000’s except per-share amounts and ratios)

(unaudited)

Three Months Ended March 31,

2026

2025

Revenues:

Net premiums earned

1,452,413

1,283,069

Net investment income

85,636

81,479

Net realized investment (losses) gains

(4,543

)

23,321

Other

6,303

6,010

Total revenues

1,539,809

1,393,879

Expenses:

Losses and loss adjustment expenses

932,950

1,220,813

Policy acquisition costs

240,502

228,720

Other operating expenses

123,887

79,453

Interest

6,817

7,189

Total expenses

1,304,156

1,536,175

Income (loss) before income taxes

235,653

(142,296

)

Income tax expense (benefit)

45,232

(33,969

)

Net income (loss)

190,421

(108,327

)

Basic average shares outstanding

55,389

Diluted average shares outstanding

55,389

Basic Per Share Data

Net income (loss)

3.44

(1.96

)

Net realized investment (losses) gains, net of tax

(0.06

)

0.33

Diluted Per Share Data

Net income (loss)

3.44

(1.96

)

Net realized investment (losses) gains, net of tax

(0.06

)

0.33

Operating Ratios-GAAP Basis

Loss ratio

64.2

95.1

Expense ratio

25.1

24.0

Combined ratio (a)

89.3

119.2

(a)

Combined ratio for the three months ended March 31, 2025 does not sum due to rounding.

MERCURY GENERAL CORPORATION AND SUBSIDIARIES

CONDENSED BALANCE SHEETS AND OTHER INFORMATION

(000’s except per-share amounts and ratios)

March 31, 2026

December 31, 2025

(unaudited)

ASSETS

Investments, at fair value:

Fixed maturity securities (amortized cost $5,534,785; $5,449,726)

5,499,834

5,430,251

Equity securities (cost $801,687; $728,460)

883,623

812,787

Short-term investments (cost $441,810; $336,978)

441,841

336,992

Total investments

6,825,298

6,580,030

Cash

1,350,883

1,315,574

Receivables:

Premiums

825,000

751,554

Allowance for credit losses on premiums receivable

(6,100

)

(6,000

)

Premiums receivable, net of allowance for credit losses

818,900

745,554

Accrued investment income

73,380

73,004

Other

86,557

86,508

Total receivables

978,837

905,066

Reinsurance recoverables (net of allowance for credit losses $2; $39)

47,771

109,672

Deferred policy acquisition costs

366,573

359,724

Fixed assets, net

150,854

146,880

Operating lease

right-of-use assets

12,153

12,125

Deferred income taxes

31,821

30,637

Goodwill

42,796

Other intangible assets, net

6,613

6,827

Other assets

59,266

51,338

Total assets

9,872,865

9,560,669

LIABILITIES AND SHAREHOLDERS’ EQUITY

Loss and loss adjustment expense reserves

3,646,201

3,633,338

Unearned premiums

2,353,558

2,255,935

Notes payable

574,626

574,527

Accounts payable and accrued expenses

394,423

448,703

Operating lease liabilities

12,652

12,328

Current income taxes

77,180

30,770

Other liabilities

224,115

187,793

Shareholders’ equity

2,590,110

2,417,275

Total liabilities and shareholders’ equity

9,872,865

9,560,669

OTHER INFORMATION

Common stock shares outstanding

55,389

Book value per share

46.76

43.64

Statutory surplus (a)

2.58 billion

2.39 billion

Net premiums written to surplus ratio

(a)

2.31

2.39

Debt to total capital ratio (b)

18.2

19.2

Portfolio duration (including all short-term instruments) (a) (c)

4.4 years

Policies-in-force

(company-wide “PIF”) (a)

Personal Auto PIF

1,057

1,044

Homeowners PIF

906

883

Commercial Auto PIF

All Other PIF (d)

311

304

Total PIF

2,308

2,265

(a)

Unaudited.

(b)

Debt to Debt plus Shareholders’ Equity (Debt at face value).

(c)

Modified duration reflecting anticipated early calls.

(d)

All Other PIF represents the combined PIF of all the other smaller lines of insurance business, which in

aggregate accounted for only 6.1% of the total company-wide direct premiums written for the three months ended March 31, 2026.

SUPPLEMENTAL SCHEDULES

(000’s except per-share amounts and ratios)

(unaudited)

Three Months Ended March 31,

2026

2025

Reconciliations of Comparable GAAP Measures to Operating Measures (a)

Net premiums earned

1,452,413

1,283,069

Change in net unearned premiums

97,705

31,311

Net premiums written

1,550,118

1,314,380

Assumed premiums written

(39,965

)

(25,733

)

Ceded premiums written

62,588

156,796

Direct premiums written

1,572,741

1,445,443

Incurred losses and loss adjustment expenses

932,950

1,220,813

Change in net loss and loss adjustment expense reserves

(13,422

)

(285,112

)

Paid losses and loss adjustment expenses

919,528

935,701

Net income (loss)

190,421

(108,327

)

Less: Net realized investment (losses) gains

(4,543

)

23,321

Tax on net realized investment (losses) gains

(b)

(954

)

4,897

Net realized investment (losses) gains, net of tax

(3,589

)

18,424

Operating income (loss)

194,010

(126,751

)

Per diluted share:

Net income (loss)

3.44

(1.96

)

Less: Net realized investment (losses) gains, net of tax

(0.06

)

0.33

Operating income (loss)

3.50

(2.29

)

Combined ratio

89.3

119.2

Effect of estimated prior periods’ loss development

0.6

4.0

Combined ratio-accident period basis

(c)

89.9

123.1

(a)

See “Information Regarding GAAP and Non-GAAP Measures.”

(b)

Based on federal statutory rate of 21%.

(c)

Combined ratio-accident period basis for the three months ended March 31, 2025 does not sum due to

rounding.

Information Regarding GAAP and Non-GAAP Measures

The Company has presented information within this document containing operating measures which in management’s opinion provide investors

with useful, industry specific information to help them evaluate, and perform meaningful comparisons of, the Company’s performance, but that may not be presented in accordance with GAAP. These measures are not intended to replace, and should

be read in conjunction with, the GAAP financial results.

Net income (loss) is the GAAP measure that is most directly comparable to

operating income (loss). Operating income (loss) is net income (loss) excluding realized investment gains and losses, net of tax. Operating income (loss) is used by management along with the other components of net income (loss) to assess the

Company’s performance. Management uses operating income (loss) as an important measure to evaluate the results of the Company’s insurance business. Management believes that operating income (loss) provides investors with a valuable

measure of the Company’s ongoing performance as it reveals trends in the Company’s insurance business that may be obscured by the effect of net realized investment gains and losses. Realized investment gains and losses may vary

significantly between periods and are generally driven by external economic developments such as capital market conditions. Accordingly, operating income (loss) highlights the results from ongoing operations and the underlying profitability of the

Company’s core insurance business. Operating income (loss), which is provided as supplemental information and should not be considered as a substitute for net income (loss), does not reflect the overall profitability of the Company’s

business. It should be read in conjunction with the GAAP financial results. See “Supplemental Schedules” above for a reconciliation of net income (loss) to operating income (loss).

Net premiums earned, the most directly comparable GAAP measure to net premiums written and direct premiums written, represents the

portion of premiums written that is recognized as revenue in the financial statements for the periods presented and earned on a pro-rata basis over the term of the policies. Net premiums written is a

statutory financial measure which represents the premiums charged on policies issued during a fiscal period net of any applicable reinsurance; direct premiums written is such a measure before any applicable reinsurance. Net premiums written

and direct premiums written are designed to determine production levels and are meant as supplemental information and not intended to replace net premiums earned. Such information should be read in conjunction with the GAAP financial results. See

“Supplemental Schedules” above for a reconciliation of net premiums earned to net premiums written and direct premiums written.

Incurred losses and loss adjustment expenses is the most directly comparable GAAP measure to paid losses and loss adjustment

expenses. Paid losses and loss adjustment expenses excludes the effects of changes in the loss reserve accounts. Paid losses and loss adjustment expenses is provided as supplemental information and is not intended to replace incurred losses

and loss adjustment expenses. It should be read in conjunction with the GAAP financial results. See “Supplemental Schedules” above for a reconciliation of incurred losses and loss adjustment expenses to paid losses and loss adjustment

expenses.

Combined ratio is the most directly comparable measure to combined ratio-accident period basis. Combined

ratio-accident period basis is computed as the difference between two GAAP operating ratios: the combined ratio and prior accident periods’ loss development ratio. Management believes that combined ratio-accident period basis is useful to

investors and it is used to reveal the trends in the Company’s results of operations that may be obscured by development on prior accident periods’ loss reserves. Combined ratio-accident period basis is meant as supplemental information

and is not intended to replace the GAAP combined ratio. It should be read in conjunction with the GAAP financial results. See “Supplemental Schedules” above for a reconciliation of GAAP combined ratio to combined ratio-accident period

basis.

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Document and Entity Information

May 05, 2026

Document And Entity Information [Line Items]

Document Type

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Document Period End Date

May 05, 2026

Entity File Number

001-12257

Entity Registrant Name

MERCURY GENERAL CORPORATION

Entity Incorporation State Country Code

Entity Tax Identification Number

95-2211612

Entity Address Address Line 1

4484 Wilshire Boulevard

Entity Address City Or Town

Los Angeles

Entity Address State Or Province

Entity Address Postal Zip Code

90010

City Area Code

323

Local Phone Number

937-1060

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Entity Central Index Key

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Document And Entity Information [Line Items]

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Common Stock

Trading Symbol

MCY

Security Exchange Name

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Trading Symbol

MCY

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- Definition

Local phone number for entity.

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No definition available.

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- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 13e

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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14d

-Subsection 2b

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- Definition

Title of a 12(b) registered security.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b

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- Definition

Name of the Exchange on which a security is registered.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection d1-1

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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14a

-Subsection 12

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- Definition

Trading symbol of an instrument as listed on an exchange.

+ References

No definition available.

+ Details

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- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Securities Act

-Number 230

-Section 425

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- References

No definition available.

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