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Mercury General Corporation I 2019 Annual Report Modern Life Can Sometimes Feel Like a Free-Fall

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Mercury General Corporation I 2019 Annual Report Modern Life Can Sometimes Feel Like a Free-Fall Mercury General Corporation I 2019 Annual Report Modern life can sometimes feel like a free-fall. At times like these, our customers trust Mercury to help them get their feet safely back on the ground. We build this trust with a commitment to customer service excellence supported by the breadth of our products, the competitiveness of our rates, and the financial strength and stability of our company. 1 Letter to Shareholders Although our 2019 operating results improved for the second consecutive year, our results were nonetheless disappointing and fell short of the returns we expect to deliver to our shareholders. Higher than expected severity trends and catastrophe losses as well as delays in getting rates approved in California all contributed to lower than expected operating earnings. Although nothing is ever guaranteed in our business, we believe our operating results will continue to improve in 2020 as we take steps to improve profitability and manage our catastrophe exposures. ur 2019 operating earnings were $2.60 per share compared to $1.80 and should improve profitability once implemented. In addition to rate per share in 2018, a 44% increase. The improvement in operating increases, we have initiatives in Underwriting, Marketing and Claims to Oearnings was primarily due to an improvement in the combined help improve our operations, including our accuracy and efficiency. In ratio from 100.7% in 2018 to 99.4% in 2019. Improved results in our California short, we expect our California Private Passenger Automobile combined Private Passenger Automobile and Commercial Automobile lines of ratio to improve in 2020 from the 97.1% combined ratio posted in 2019, business were the primary reasons for the reduction in our combined ratio. but we don’t expect much growth in 2020 as rate increases will make it Contributing to the improvement in the combined ratio in 2019 was an $83 more difficult to grow. million reduction in adverse reserve development from $93 million in 2018 As we have previously stated, part of our long-term strategy is to grow to $10 million in 2019. In addition, although 2019 catastrophe losses of $53 our non-wheel business, which includes our Homeowners and Commercial million were higher than expected, they were $14 million lower than the property lines of business, as we believe the size of the automobile market $67 million of catastrophe losses in 2018. Partially offsetting the improved will decline over time as technology will continue to make cars safer, which results in our California Private Passenger Automobile and Commercial will ultimately drive down the frequency of accidents. We don’t expect Auto lines of business were worse results in our California homeowners this to occur anytime soon, but rather over a period of many years. Having and private passenger auto business outside of California. Excluding the said that, we want to grow our non-wheel business in a prudent manner impact of catastrophe losses, adverse reserve development and ceded to ensure we protect the Company’s capital and get paid appropriately reinstatement premiums earned, the combined ratio was 97.3% in 2019. for the risks we take. Our California Private Passenger Automobile combined ratio Our view and the industry’s view of wildfire risk changed after the was approximately 97.1% in 2019 compared to 100.5% in 2018. The significant California wildfires in 2017 and 2018. Accordingly, we have 2 improvement in the California Private Passenger Automobile combined taken steps to reduce our concentration in certain areas of the state and ratio was primarily due to rate increases, less adverse reserve development increased our reinsurance coverage substantially. We are also evaluating and lower frequency. A 6.9% personal auto rate increase for California new tools to better underwrite and consider the risks associated with Automobile Insurance Company was implemented in March 2019 and a each individual property. Our Homeowners line grew 18% in 2019 to $565 6.9% personal automobile rate increase for Mercury Insurance Company million in net premiums written, and the combined ratio deteriorated was implemented in May of 2019. Collectively, these represent two-thirds to 105% from 101% in 2018. Catastrophe losses added 7.9 points to our of companywide direct premiums earned. In addition to rate increases, Homeowners combined ratio in 2019. We recently obtained approval for California private passenger automobile adverse reserve development of a 6.99% rate increase in our California Homeowners line of business and $2 million was significantly lower than the $76 million of adverse reserve plan to implement the new rates in April of 2020. In addition, we recently development recorded in 2018. Lower frequency also aided the California filed for another 6.99% rate increase in our California homeowners’ line of Private Passenger automobile combined ratio as safer cars helped drive business. Our California homeowners’ line of business represents about 87% down frequency by 1% in 2019. Partially offsetting the improvement in of our total homeowners’ business. Although we expect some premium the combined ratio from rate increases, less adverse reserve development growth in our Homeowners line in 2020, we don’t expect it to grow as and lower frequency was an increase in severity. California private much as it did in 2019 as rate increases and concentration management will passenger automobile severity increased by approximately 5% in 2019 impact growth. However, we do expect profitability in our Homeowners from a combination of factors. Increased utilization of medical services, line to improve in 2020 from the 105% combined ratio posted in 2019. including epidural injections and surgical procedures, social inflation and As mentioned above, we increased our reinsurance coverage an aggressive Plaintiff’s Bar contributed to an increase in California bodily substantially in 2019. Our reinsurance treaty that expired in July 2019 injury severity. In addition, the cost to repair automobiles continued to provided $205 million in coverage in excess of our $10 million retention. Our rise in 2019 as technology included in today’s vehicles continued to make new reinsurance treaty that expires in July of 2020 provides $600 million automobiles more expensive to repair. of coverage in excess of our new $40 million retention. We increased our Adverse reserve development and higher than expected severity trends retention to $40 million as pricing for a $10 million retention was prohibitive. these past few years have prevented us from achieving our 95% combined Reinsurance rates increased substantially with our new treaty as reinsurers ratio target in our California Private Passenger Automobile line of business. reassessed their view of wildfire risk. The combination of increased coverage The good news, as mentioned above, is adverse reserve development and rates caused our catastrophe reinsurance premiums to increase from improved significantly in 2019 and we don’t expect significant development $22 million for the treaty ending in July 2019 to $38 million for the treaty in 2020 as loss development patterns appear to have stabilized. In addition, ending in July 2020. Currently, we don’t expect significant changes to the a 5% personal automobile rate increase for California Automobile Insurance limits we purchase when we renew our reinsurance treaty in July 2020, Company and a 4% personal automobile rate increase for Mercury Insurance and we don’t expect a significant increase in rates as there have been no Company are pending approval with the California Department of Insurance losses to reinsurers under the new contract. Operating Leverage Trading Range of Stock (Net Premiums Written/Policyholders’ Surplus as ratio) 65 2.4 2.4 $65.22 2.2 $64.52 2.1 2.0 60 $61.83 $61.19 17 $60.31 55 19 15 $51.87 16 18 50 $46.69 $45.12 45 $42.97 15 16 17 18 19 $41.40 40 Our homeowners line grew 18% in 2019 to Net Premiums Written - Companywide $565 million in net premiums written. (In millions) $3,732 $3,496 3 $3,216 $3,156 $2,999 $2,841 $2,729 $2,652 $2,575 18% $2,555 Homeowners line represents approximately 16% of total premiums written. 10 11 12 13 14 15 16 17 18 19 Sales by Line of Business Personal Auto 74.7% All other 1.4% 87% Commercial Multiple Peril 2.2% Homeowners Our California homeowners’ line of Commercial Auto 15.9% business represents about 87% of 5.8% our total homeowners’ business. Combined Ratio vs. Industry Mercury General U.S. Industry 106.0% 104.1% 102.2% 100.8% 99.5% 99.3% 99.3% 98.3% 98.2% 97.3% 97.1% 15 15 16 16 17 17 18 18 19 19* Our California private passenger automobile combined ratio * Industry data for 2019 is a published estimate. was approximately 97.1% in 2019 compared to 100.5% in 2018. Source for Industry Data: A.M. Best Company, for private passenger automobile line of all property and casualty insurance companies. Combined ratio for Mercury General: for private passenger automobile line of business only for comparison with the industry ratio. Number of Agents 10,400 10,160 9,700 9,700 9,500 With a network of approximately 9,500 local 4 independent agents, Mercury offers a uniquely personalized approach, with customized policies 9,500 to fit each individual need. 15 16 17 18 19 Dividends Per Share $2.51 $2.50 $2.49 $2.48 $2.47 Our strong capital position has allowed us to pay dividends in recent years where the dividend payout ratio was $2.52 above 100%. In October 2019, Mercury’s Board of Directors increased the annual dividend rate to $2.52 per share. 15 16 17 18 19 Commercial automobile results for the industry continued to be In 2020, we will invest resources to upgrade our back-end Policy, Claims challenged with an estimated combined ratio of 109.4% in 2019.
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