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2020 Annual Report 2020 Report Annual Like Man’S Best Friend, We’Re Here for You Mercury Corporation General Mercury General Corporation I 2020 Annual Report 2020 Annual Report 2020 Like Man’s Best Friend, We’re Here for You Our Products Auto Insurance Homeowners Insurance Condo Insurance Renters Insurance Landlord Insurance Umbrella Insurance Mechanical Protection Business Auto Insurance Business Insurance Optional Residence Insurance Environmental Benefits Statement To minimize our environmental impact, the Mercury General Corporation 2020 Annual Report was printed on paper containing fibers from environmentally appropriate, socially beneficial and economically viable forest resources. Mercury General Corporation Corporate Information Mercury General Corporation Corporate Counsel Corporate Headquarters Latham & Watkins LLP – Los Angeles, California 4484 Wilshire Boulevard, Los Angeles, California 90010 Phone: (323) 937-1060 | Fax: (323) 857-7116 Independent Auditors KPMG LLP – Los Angeles, California Subsidiaries Mercury Casualty Company Transfer Agent & Registrar Mercury Insurance Company Computershare Mercury Insurance Company of Illinois 402 South 4th St., Suite 1600 Mercury Insurance Company of Georgia Louisville KY 40202 Mercury Indemnity Company of Georgia (866) 214-7508 Mercury Insurance Company of Florida www.computershare.com/investor Mercury Indemnity Company of America Mercury National Insurance Company Shareholder Communications California Automobile Insurance Company For access to all news releases and other relevant company California General Underwriters Insurance Company, Inc. information, visit the Mercury General Corporation website at Mercury Insurance Services LLC www.mercuryinsurance.com. To request an investor package, Mercury County Mutual Insurance Company* please call (323) 857-7123. American Mercury Insurance Company Annual Meeting American Mercury Lloyds Insurance Company* The Annual Meeting of the Shareholders of Mercury General Mercury Select Management Company, Inc. Corporation will be held on May 12, 2021, at 10:00 a.m. Pacific Auto Insurance Specialists LLC Time at the corporate headquarters of the Company located AIS Management LLC at 4484 Wilshire Boulevard, Los Angeles, California. There were PoliSeek AIS Insurance Solutions, Inc. approximately 126 holders of record on February 28, 2021. Animas Funding LLC** Fannette Funding LLC** SEC Form 10-K Workmen’s Automobile Insurance Company Additional copies of this report, which includes the Company's Mercury Plus Insurance Services LLC annual report filed with the Securities and Exchange Commission on Form 10-K, will be made available, without charge, upon written request to the Company’s Chief Financial Officer at the corporate headquarters or on the website at www.mercuryinsurance.com. *Not owned but controlled by Mercury General Corporation **Special purpose investment vehicle 2020 Annual Report 1 Protecting what you love “I’m very pleased with how quickly Mercury was able to transition to work from home environment after Covid-19. Other than some minor hicups, the transition went very smoothly. Over 95% of our employees are working from home and we don’t expect to be back in the office until it is safe to do so. Nevertheless, for us, it’s business as usual as we continue to move forward with our planned initiatives.” Gabriel Tirador President and Chief Executive Officer WORKING FROM HOME MERCURY INSURANCE EXTENDS GIVEBACK MERCURY INSURANCE READY TO HELP Tommy May, Video Producer of Mercury Visual PROGRAM THROUGH JULY THOSE AFFECTED BY SILVERADO AND Productions team, shares his thought: “Feeling “Collisions and other auto-related insurance losses BLUE RIDGE FIRES connected is needed now, more than ever. I am increased in July compared to the previous several Authorities have issued mandatory evacuation orders lucky to be part of a company that understands how months as more drivers returned to the road; however, for Californians impacted by the Silverado and Blue important it is to be connected. I have worked for they still remain below historical averages for this time Ridge Fires in Orange County and Mercury Insurance Mercury for 15 years, and this is just another reminder of year,” said Mercury Insurance President and CEO, is ready to assist homeowner policyholders who have why I choose to stay, it’s home. Mercury didn’t hesitate Gabriel Tirador. “Therefore, we believe the right thing had to leave their homes in response to those orders to move us to a work from home environment in to do is to extend the Mercury Giveback Program or whose property has suffered fire damage, whether March 2020, and it’s been a true blessing to feel safe, through the end of July as our customers continue to partial or total. secure and happy working from home, while the cope with the lingering impact of COVID-19.” pandemic was still a concern.” 2 Mercury General Corporation Letter to Shareholders Over our almost sixty-year history we have gone through many challenging times, including major catastrophes, multiple recessions, market meltdowns, rampant inflation and significant regulatory changes such as Proposition 103. However, COVID-19’s impact on the world in 2020 was unprecedented. Due to COVID-19, 2020 will go down as one of our most challenging years from an operational standpoint. In a matter of weeks, the COVID-19 pandemic forced us to quickly move most of our team members to a work from home environment. The investments we have made in technology enabled us to transition most of our team members to work from home allowing us to seamlessly continue to serve our customers and agents. And, although our business continuity plans prepare us for scenarios like COVID-19, it is still very gratifying to see how well we responded. We are grateful for our 4,000 plus team members’ efforts and resilience during these times and our hearts and prayers go out to everyone affected by this crisis. In last year’s letter to shareholders, we said we believed our operating Our Private Passenger Automobile combined ratio was 88.3% in 2020 results would continue to improve in 2020 as we were taking various compared to 98.2% in 2019. The improvement in our Private Passenger steps to improve profitability and manage our catastrophe exposures. Automobile combined ratio was primarily due to a decrease in loss We are glad to report that our operating results improved significantly frequency stemming from the decrease in overall driving following in 2020. Our 2020 operating earnings were $5.54 per share compared to stay-at-home orders issued in response to the COVID-19 pandemic. $2.60 per share in 2019, a 113% increase. The improvement in operating The lower frequency was partially offset by an increase in severity earnings was primarily due to an improvement in the combined ratio as less congested roads and highways led to a higher percentage of from 99.4% in 2019 to 93.1% in 2020. Better results in our Private high-speed serious accidents. In addition, recognizing that COVID-19 Passenger Automobile line of business was the primary reason for the altered driving patterns resulting in fewer accidents and claims, we improvement in our combined ratio. Partially offsetting the improved refunded $121 million of premiums in 2020 to private passenger auto results in our Private Passenger Automobile line of business were worse customers as part of Mercury’s Giveback program. Premiums written in results in our Homeowners and Commercial Multi-Peril lines of business. our Private Passenger Auto line, excluding Mercury’s Giveback program, In addition, Catastrophe losses of $64 million in 2020 were $11 million declined 4.7% in 2020. Both our close ratio, or sales divided by quotes, higher than the $53 million of catastrophe losses in 2019. and our quote volume were down in 2020. Accordingly, we have various initiatives planned in 2021 to grow our quote volume and improve our close ratio in our private passenger auto line. Currently, we expect our Net Premiums Written - Companywide private passenger auto premiums to be relatively flat in 2021. (In millions) Our companywide combined ratio improved from $3,732 99.4% in 2019 to 93.1% in 2020. $3,612 $3,496 $3,216 $3,156 $2,999 $2,841 $2,729 $2,652 $2,575 11 12 13 14 15 16 17 18 19 20* * Net premiums written for 2020 includes approximately $128 million of premium refunds to our eligible policyholders under the Mercury Giveback program due to reduced driving and business activities following the Covid-19 pandemic. 93.1% 2020 Annual Report 3 Prior to the COVID-19 pandemic, we had filed for private passenger auto Operating Leverage rate increases in both of our major California Companies. As frequency (Net Premiums Written/Policyholders’ Surplus as ratio) began to drop due to less driving, we withdrew our rate filings as the additional rate was temporarily not needed. However, frequency began 2.4 2.4 to rise in the second half of 2020 from the lows we observed in the 2.2 2.0 second quarter of 2020 as more drivers returned to the road following 2.0 the gradual reopening of businesses in California and other states. It’s difficult to predict if or when frequency will return to pre COVID-19 levels, but we believe as more of the population gets vaccinated in 2021 and businesses continue to reopen, frequency will continue to rise. Accordingly, we expect our private passenger auto combined ratio to deteriorate somewhat in 2021. We will continue to monitor both our 16 17 18 19 20 frequency and severity trends and make appropriate adjustments to our rates as necessary. Although we don’t anticipate filing for private passenger auto rate increases in the short run, we recently filed a revenue neutral rate plan in our California Private Passenger Auto line of business that better segments our business and improves our Combined Ratio vs. Industry Mercury General U.S. Industry competitiveness. We expect to implement the revenue neutral rate (In percent) plan in late 2021. Part of our long-term strategy is to grow our non-wheel business, which includes our Homeowners and Commercial property lines of business, 106.0% as we believe the size of the automobile insurance market will decline over time as technology will continue to make cars safer, which will 102.2% ultimately drive down the frequency of accidents.
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