Mercury Insurance 2007 Annual Report Download - page 62

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60 MERCURYNOW 2007
CONSOLIDATED BALANCE SHEETS
December 31,
Amounts expressed in thousands, except share data 2007 2006
Assets
Investments:
Fixed maturities available for sale, at fair value (amortized cost $2,860,455 in 2007
and $2,851,715 in 2006) (includes hybrid financial instruments: $31,770 in 2007) $ 2,887,760 $ 2,898,987
Equity securities available for sale, at fair value (cost $317,869 in 2007 and $258,310 in 2006) 413,123 318,449
Equity securities trading, at fair value (cost $13,126 in 2007) 15,114 —
Short-term investments, at cost, which approximates fair value 272,678 282,302
Total investments 3,588,675 3,499,738
Cash 48,245 47,606
Receivables:
Premiums receivable 294,663 298,772
Premium notes 27,577 29,613
Accrued investment income 36,436 34,307
Other 9,010 10,085
Total receivables 367,686 372,777
Deferred policy acquisition costs 209,805 209,783
Fixed assets, net 172,357 152,260
Other assets 27,728 18,898
Total assets $ 4,414,496 $ 4,301,062
Liabilities and Stockholders’ Equity
Losses and loss adjustment expenses $ 1,103,915 $ 1,088,822
Unearned premiums 938,370 950,344
Notes payable 138,562 141,554
Accounts payable and accrued expenses 125,755 137,194
Current income taxes 3,150 18,241
Deferred income taxes 30,852 33,608
Other liabilities 211,894 207,169
Total liabilities 2,552,498 2,576,932
Commitments and contingencies
Shareholders’ equity:
Common stock without par value or stated value:
Authorized 70,000,000 shares; issued and outstanding 54,729,913
shares in 2007 and 54,669,606 in 2006 69,369 66,436
Accumulated other comprehensive income 80,557 69,652
Retained earnings 1,712,072 1,588,042
Total shareholders’ equity 1,861,998 1,724,130
Total liabilities and shareholders’ equity $ 4,414,496 $ 4,301,062
See accompanying notes to consolidated financial statements.
CONSOLIDATED BALANCE SHEETS