Mercury General Corp.: The Los Angeles-based auto...
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From Times Staff and Wire Reports
Mercury General Corp.: The Los Angeles-based auto insurer said third-quarter net income fell 79% to $1.9 million, while premiums earned in the quarter rose 16% to $121.1 million. The firm blamed the earnings drop on a provision for the maximum potential impact of refund liability under the rate rollback mandated by the Proposition 103 initiative. In the quarter, the provision reduced net income by $11.6 million.
