Company profile

Ticker
MCY
Exchange
CEO
Gabriel Tirador
Employees
Incorporated in
Location
Fiscal year end
SEC CIK
IRS number
952211612

MCY stock data

(
)

Calendar

30 Jul 19
22 Aug 19
31 Dec 19

News

Company financial data Financial data

Quarter (USD) Jun 19 Mar 19 Dec 18 Sep 18
Revenue 979.49M 1.02B 816.62M 894.81M
Net income 83.25M 135.87M -81.88M 58.58M
Diluted EPS 1.5 2.45 -1.48 1.06
Net profit margin 8.50% 13.35% -10.03% 6.55%
Net change in cash -29.79M -44.19M 52.61M 17.93M
Cash on hand 240.32M 270.11M 314.29M 261.68M
Cost of revenue 2.7M 2.7M 2.9M 2.2M
Annual (USD) Dec 18 Dec 17 Dec 16 Dec 15
Revenue 3.38B 3.42B 3.23B 3.01B
Net income -5.73M 144.88M 73.04M 74.48M
Diluted EPS -0.1 2.62 1.32 1.35
Net profit margin -0.17% 4.24% 2.26% 2.47%
Net change in cash 22.88M 71.1M -43.9M -25.69M
Cash on hand 314.29M 291.41M 220.32M 264.22M
Cost of revenue 10.5M 10.2M

Financial data from company earnings reports

Financial report summary

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Management Discussion
  • Net premiums earned and net premiums written for the three months ended June 30, 2019 each increased 6.6% from the corresponding period in 2018. The increase in net premiums earned and net premiums written was primarily due to higher average premiums per policy arising from rate increases in the California private passenger automobile line of insurance business and growth in policies in force in the California private passenger automobile and homeowners lines of insurance business.
  • The Company, which predominantly offers six-month personal automobile insurance policies, reintroduced twelve-month personal automobile policies for new business in MIC, its largest insurance subsidiary, in March 2018. Twelve-month policies are generally sold for twice the price of six-month policies. MIC's net premiums written from twelve-month policies for the three months ended June 30, 2019 and 2018 was approximately $94 million and $54 million, respectively.
  • Net premiums earned included ceded premiums earned of $16.2 million and $12.4 million for the three months ended June 30, 2019 and 2018, respectively. Net premiums written included ceded premiums written of $10.3 million and $8.3 million for the three months ended June 30, 2019 and 2018, respectively. The increase in ceded premiums earned for the three months ended June 30, 2019 compared to the same period in 2018 resulted mostly from an increase in reinsurance rates, growth in the covered book of business, and an increase in reinstatement premiums following the Camp and Woolsey Fires in the fourth quarter of 2018 that caused higher losses than the wildfires in the fourth quarter of 2017. The increase in ceded premiums written for the three months ended June 30, 2019 compared to the same period in 2018 resulted mostly from an increase in reinsurance rates and growth in the covered book of business.
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New words: BBB, CA, coordinated, exceeded, FL, GA, hail, IL, Midwest, rehearing, resolved, Supreme, TX, wind
Removed: Awaiting, began, comparing, computed, deficiency, maintenance, shared, target, unpaid