LOS ANGELES, Feb. 2 /PRNewswire-FirstCall/ -- Mercury General Corporation
(NYSE: MCY) announced that its Board of Directors, on January 30, 2004,
declared a first quarter dividend of $0.37, an annual rate of $1.48,
representing a 12.1% increase over the rate paid in 2003. The dividend will
be paid on March 31, 2004 to shareholders of record on March 15, 2004.
Since dividends were instituted in the first quarter of 1986, Mercury
General's dividend has increased at least once each year with the overall
compound rate of increase over eighteen years averaging in excess of 20%.
As previously announced, the Company will host an investor conference call
on February 9, 2004 to review the Company's results of operations for the
fourth quarter and twelve-month period ended December 31, 2003. All
interested investors will be able to listen to the conference call through the
following toll-free telephone number: (877) 807-1888. Also, this call can be
accessed via webcast through the Company's website at
http://www.mercuryinsurance.com . A digitized replay is scheduled to begin on
02/09/2004 at 1:30 P.M. and will end on 02/16/2004 at 11:59 P.M. Pacific Time.
The replay telephone numbers are as follows: USA (800) 642-1687,
International (706) 645-9291. The conference ID# is 4885467.
Mercury General Corporation and its subsidiaries are a multiple line
insurance organization offering predominantly personal automobile and
homeowners insurance through a network of independent agents and brokers in
many states. For more information, visit our website at
http://www.mercuryinsurance.com .
The Private Securities Litigation Reform Act of 1995 provides a "safe
harbor" for certain forward-looking statements. The statements contained in
this press release are forward-looking statements based on the Company's
current expectations and beliefs concerning future developments and their
potential effects on the Company. There can be no assurance that future
developments affecting the Company will be those anticipated by the Company.
Actual results may differ from those projected in the forward-looking
statements. These forward-looking statements involve significant risks and
uncertainties (some of which are beyond the control of the Company) and are
subject to change based upon various factors, including but not limited to the
following risks and uncertainties: changes in the demand for the Company's
insurance products, and in general economic conditions; the accuracy and
adequacy of the Company's pricing methodologies; market risks associated with
the Company's investment portfolio; uncertainties related to estimates,
assumptions and projections generally; the possibility actual loss experience
may vary adversely from the actuarial estimates made to determine the
Company's loss reserves; inflation and changes in economic conditions; the
Company's ability to obtain and the timing of regulatory approval for
requested rate changes; legislation adverse to the automobile insurance
industry or business generally that may be enacted in California or other
states; the presence of competitors with greater financial resources and the
impact of competitive pricing; changes in driving patterns and loss trends;
acts of war and terrorist activities; court decisions and trends in litigation
and health care and auto repair costs and marketing efforts; and various
legal, regulatory and litigation risks. The Company undertakes no obligation
to publicly update or revise any forward-looking statements, whether as the
result of new information, future events or otherwise. For a more detailed
discussion of some of the foregoing risks and uncertainties, see the Company's
filings with the Securities and Exchange Commission.
SOURCE Mercury General Corporation
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Related links:
http://www.mercuryinsurance.com
CONTACT:
Theodore Stalick, VP/CFO of Mercury General
Corporation, +1-323-937-1060
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