Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2020 TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________ to ___________ Commission File No. 001-12257 ______________________________ MERCURY GENERAL CORPORATION (Exact name of registrant a ...

Financial Performance - Net income for the six months ended June 30, 2019, was $219,117, significantly up from $17,573 in the same period of 2018, marking a growth of 1145.5%[15]. - Net income for the three months ended June 30, 2019, was $83.3 million, up from $60.2 million in 2018, marking an increase of 38.3%[135]. - Net premiums earned for Q2 2019 were $888,776, an increase of 6.6% compared to $833,959 in Q2 2018[15]. - For the six months ended June 30, 2019, net premiums earned totaled $1,759.0 million, up from $1,642.0 million in 2018, reflecting a year-over-year increase of 7.1%[137]. - The underwriting gain for the three months ended June 30, 2019, was $15.2 million, a decrease from $26.0 million in the same period of 2018[135]. - Pre-tax income for the three months ended June 30, 2019, was $101.6 million, compared to $73.2 million in the same period of 2018, indicating a significant increase of 38.8%[135]. - The effective income tax rate for the six months ended June 30, 2019, was 18.5%, down from 29.7% for the same period in 2018, influenced by tax-exempt investment income of approximately $42 million[171]. Revenue and Premiums - Total revenues for Q2 2019 reached $979,487, a 10.6% increase from $885,391 in Q2 2018[15]. - Direct premiums written for the three months ended June 30, 2019, were $946.1 million, an increase from $886.6 million in the same period of 2018, representing a growth of 6.7%[137]. - Net premiums earned for the three months ended June 30, 2019, were $888.8 million, an increase from $834.0 million in the same period of 2018, representing a growth of 6.5%[135]. - For the six months ended June 30, 2019, total direct premiums written amounted to $1,868,171,000, with California contributing $1,611,256,000, representing 86.2% of the total[146]. Assets and Liabilities - Total assets increased to $5,716,518, up from $5,433,729, representing a growth of 5.2%[13]. - Total liabilities rose to $3,948,556 from $3,816,045, an increase of 3.5%[13]. - The Company’s investments as of June 30, 2019, totaled $4.165 billion, an increase from $3.768 billion as of December 31, 2018, representing a 10.5% growth[44]. - The fair value of the Company's total assets at fair value was $4,170,637 thousand as of June 30, 2019, with $890,200 thousand classified as Level 1, $3,212,543 thousand as Level 2, and $1,206 thousand as Level 3[78]. Investment Gains - The company reported net realized investment gains of $53,329 in Q2 2019, compared to gains of $14,290 in Q2 2018, representing a growth of 273.5%[15]. - The total realized investment gains for the three months ended June 30, 2019, were $53.33 million, significantly higher than $14.29 million in the same period in 2018[187]. - Net realized investment gains from total return swaps for the three months ended June 30, 2019, were $515,000, compared to a loss of $320,000 in the same period of 2018[98]. Losses and Reserves - Losses and loss adjustment expenses for the three months ended June 30, 2019, were $656.6 million, compared to $605.5 million in the same period of 2018, reflecting an increase of 8.5%[135]. - The loss ratio for the three months ended June 30, 2019, was 73.9%, compared to 72.6% for the same period in 2018, affected by unfavorable development of approximately $9 million on prior accident years' loss reserves[181]. - The Company recorded loss reserves of approximately $1.78 billion, including $771.9 million of incurred but not reported loss reserves[161]. - The net reserves at June 30, 2019, were $1,676,807,000, compared to $1,503,094,000 in the previous year[121]. Operating Activities - Cash provided by operating activities for the six months ended June 30, 2019, was $265,623, compared to $184,075 in 2018, an increase of 44.3%[21]. - The company has $602.5 million in combined cash and short-term investments as of June 30, 2019, along with $50 million available on a revolving credit facility[208]. Catastrophe Losses - For the six months ended June 30, 2019, the Company recorded catastrophe losses net of reinsurance of approximately $14 million, compared to $11 million for the same period in 2018[122]. - Gross catastrophe losses for the first half of 2019 totaled approximately $17 million, primarily due to winter storms in California and tornadoes in the Midwest, with no reinsurance benefits utilized[122]. Debt and Liabilities - As of June 30, 2019, the Company's total debt was approximately $371.9 million, with a debt to total capital ratio of 17.5%[124]. - The Company accrued approximately $3 million in the second quarter of 2019 for estimated statutory interest related to ongoing legal proceedings[128]. - The Company has recorded a total of approximately $31.9 million in other liabilities as of June 30, 2019, related to a penalty refund from the California DOI[128]. Operational Efficiency - The expense ratio decreased to 24.6% in the first half of 2019 from 24.9% in 2018, indicating improved operational efficiency[198]. - The combined ratio for the three months ended June 30, 2019, was 98.3%, indicating profitable underwriting results as it is below 100%[183].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Fiscal Year Ended December 31, 2018 Commission File No. 001-12257 ____________________________ MERCURY GENERAL CORPORATION (Exact name of registrant as specified in its charter) ____________________________ (State or other jurisdiction of incorporation or organization) 4484 Wilshire Boulevard, Los Angeles, California 90010 (Address of principal executive offices) (Zip ...