Mercury Insurance Company General Corp. said Monday that it posted a loss of $ 3.8 million in the third quarter, as a result of a hefty losses on investments.
The Los Angeles company loss of 7 cents per share compared with a profit of $ 96.8 million, or $ 1.77 per share, in the same quarter last year.
The last quarter include realized investment losses of $ 43.5 million, or 79 cents per share, while the period last year included realized gains on investments of $ 34.9 million, or $ 1.03 per share.
Excluding investment losses, the company posted profit adjusted 72 cents per share. Revenue dropped 8 percent to $ 615.7 million from $ 766.8 million, as premiums rose only 3.2 percent to $ 662.3 million.
Profit appropriated beat Wall Street predictions. Analysts, on average, expected a profit of 67 cents per share on $ 664.7 million in revenue, according to a poll of FactSet.