Company profile

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

MCY stock data

(
)

Calendar

29 Oct 19
15 Dec 19
31 Dec 19

News

Company financial data Financial data

Quarter (USD) Sep 19 Jun 19 Mar 19 Dec 18
Revenue 987.3M 979.49M 1.02B 816.62M
Net income 69.28M 83.25M 135.87M -81.88M
Diluted EPS 1.25 1.5 2.45 -1.48
Net profit margin 7.02% 8.50% 13.35% -10.03%
Net change in cash 75.05M -29.79M -44.19M 52.61M
Cash on hand 315.37M 240.32M 270.11M 314.29M
Cost of revenue 2.5M 2.7M 2.7M 2.9M
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 September 30, 2019 increased 6.6% and 8.6%, respectively, 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 and homeowners lines of insurance business and growth in the number of homeowners policies written in California.
  • 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 September 30, 2019 and 2018 was approximately $96 million and $57 million, respectively.
  • Net premiums earned included ceded premiums earned of $13.3 million and $9.5 million for the three months ended September 30, 2019 and 2018, respectively. Net premiums written included ceded premiums written of $14.3 million and $12.3 million for the three months ended September 30, 2019 and 2018, respectively. The increase in ceded premiums earned and ceded premiums written for the three months ended September 30, 2019 compared to the same period in 2018 resulted mostly from an increase in reinsurance coverage and rates as well as growth in the covered book of business, partially offset by ceded reinstatement premiums written and ceded reinstatement premiums earned in the third quarter of 2018 related to the Carr Fire.
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