Berkshire Hathaway 2000 Annual Report Download - page 70

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69
BERKSHIRE HATHAWAY INC.
INSURANCE GROUP
Balance Sheets
(dollars in millions)
December 31,
2000 1999
Assets
Investments:
Fixed maturities at market................................................................................................. $32,381 $30,217
Equity securities and other investments at market:
American Express Company........................................................................................ 8,147 8,218
The Coca-Cola Company ............................................................................................. 12,159 11,622
Freddie Mac................................................................................................................. 146 2,803
The Gillette Company.................................................................................................. 3,468 3,954
Wells Fargo & Company.............................................................................................. 2,964 2,316
Other ........................................................................................................................... 12,008 10,256
71,273 69,386
Cash and cash equivalents.................................................................................................... 4,700 2,981
Deferred costs ...................................................................................................................... 3,508 2,309
Other ................................................................................................................................... 12,808 9,490
$92,289 $84,166
Liabilities
Losses and loss adjustment expenses .................................................................................... $33,022 $26,802
Unearned premiums............................................................................................................. 3,885 3,718
Policyholder liabilities and other accruals ............................................................................ 6,986 6,537
Income taxes, principally deferred........................................................................................ 9,729 9,430
53,622 46,487
Equity
Minority shareholders’ ......................................................................................................... 1,157 1,337
Berkshire shareholders’ ....................................................................................................... 37,510 36,342
38,667 37,679
$92,289 $84,166
Statements of Earnings
(dollars in millions)
2000 1999 1998
Premiums written .................................................................................................... $19,662 $14,667 $5,476
Premiums earned ..................................................................................................... $19,343 $14,306 $5,300
Losses and loss expenses.......................................................................................... 17,326 12,518 3,904
Underwriting expenses ............................................................................................ 3,602 3,182 1,131
Total losses and expenses...................................................................................... 20,928 15,700 5,035
Underwriting gain (loss) — pre-tax ......................................................................... (1,585) (1,394) 265
Net investment income* .......................................................................................... 2,811 2,488 974
Realized investment gain ......................................................................................... 3,920 1,364 2,462
Earnings before income taxes .................................................................................. 5,146 2,458 3,701
Income tax expense.................................................................................................. 1,604 672 1,186
3,542 1,786 2,515
Minority interest...................................................................................................... 230 35 17
Net earnings ............................................................................................................ $ 3,312 $ 1,751 $2,498
* Net investment income is summarized below:
Dividends....................................................................................................................... $ 493 $ 476 $363
Interest........................................................................................................................... 2,340 2,030 621
Investment expenses........................................................................................................ (22) (18) (10)
$2,811 $2,488 $974
These statements do not conform to GAAP in all respects
These statements are unaudited