Berkshire Hathaway 1998 Annual Report Download - page 68
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67
BERKSHIRE HATHAWAY INC.
INSURANCE GROUP
Balance Sheets
(dollars in millions)
December 31,
1998 1997
Assets
Investments:
Fixed maturities at market ................................................ $21,216 $10,028
Equity securities and other investments at market:
American Express Company ........................................... 5,067 4,315
The Coca-Cola Company .............................................. 13,368 13,305
The Walt Disney Company ............................................ 1,489 2,083
Freddie Mac ........................................................ 3,885 2,683
The Gillette Company ................................................ 4,590 4,821
Wells Fargo & Company .............................................. 2,466 2,208
Other ............................................................. 8,629 6,526
60,710 45,969
Cash and cash equivalents ................................................. 13,081 516
Deferred costs ........................................................... 1,226 608
Other ................................................................. 7,745 1,287
$82,762 $48,380
Liabilities
Losses and loss adjustment expenses .......................................... $23,012 $6,850
Unearned premiums ...................................................... 3,324 1,274
Policyholder liabilities and other accruals ...................................... 6,419 1,654
Income taxes, principally deferred ........................................... 11,432 10,372
44,187 20,150
Equity
Minority shareholders’ .................................................... 1,554 359
Berkshire shareholders’ ................................................... 37,021 27,871
38,575 28,230
$82,762 $48,380
Statements of Earnings
(dollars in millions)
1998 1997 1996
Premiums written ................................................... $5,476 $4,852 $4,105
Premiums earned .................................................... $5,300 $4,761 $4,118
Losses and loss expenses .............................................. 3,904 3,420 3,090
Underwriting expenses ............................................... 1,131 880 806
Total losses and expenses ............................................ 5,035 4,300 3,896
Underwriting gain — pre-tax .......................................... 265 461 222
Net investment income* .............................................. 974 882 726
Realized investment gain .............................................. 2,462 1,059 2,290
Earnings before income taxes .......................................... 3,701 2,402 3,238
Income tax expense .................................................. 1,186 704 1,007
2,515 1,698 2,231
Minority interest .................................................... 17 15 7
Net earnings ....................................................... $2,498 $1,683 $2,224
* Net investment income is summarized below:
Dividends ............................................................ $363 $457 $418
Interest .............................................................. 621 430 322
Investment expenses ..................................................... (10) (5) (14)
$974 $882 $726
These statements do not conform to GAAP in all respects
These statements are unaudited