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Mercury General Releases Q2 Results

Net income of $114.4 million, $2.07 per share-diluted

Mercury General Corporation has reported a net income of $114.4 million ($2.07 per share-diluted) in the second quarter of 2009, as compared to a net income of $70.7 million ($1.29 per share-diluted) for the same period in 2008.

For the first six months of 2009, net income was $211.1 million ($3.83 per share-diluted), compared to net income of $66.8 million ($1.22 per share-diluted) for the same period in 2008.

Operating income was $47.3 million ($0.86 per share-diluted) for the second quarter of 2009, a 0.7% increase over the same period in 2008, and $93.3 million ($1.69 per share-diluted) for the first six months of 2009, a 9.3% decrease over the same period in 2008.

The company’s wide net premiums written were $637.4 million in the second quarter of 2009, a 6.8% decrease over the second quarter of 2008.

Mercury General Corporation is a multiple line insurance organisation providing personal automobile and homeowners insurance.