Mercury Insurance 2007 Annual Report Download - page 63

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2007 MERCURYNOW 61
CONSOLIDATED STATEMENTS OF INCOME
Year ended December 31,
Amounts expressed in thousands, except per share data 2007 2006 2005
Revenues:
Earned premiums $ 2,993,877 $ 2,997,023 $ 2,847,733
Net investment income 158,911 151,099 122,582
Net realized investment gains 20,808 15,436 16,160
Other 5,154 5,185 5,438
Total revenues 3,178,750 3,168,743 2,991,913
Expenses:
Losses and loss adjustment expenses 2,036,644 2,021,646 1,862,936
Policy acquisition costs 659,671 648,945 618,915
Other operating expenses 158,810 176,563 150,201
Interest 8,589 9,180 7,222
Total expenses 2,863,714 2,856,334 2,639,274
Income before income taxes 315,036 312,409 352,639
Income tax expense 77,204 97,592 99,380
Net income $ 237,832 $ 214,817 $ 253,259
Basic earnings per share $ 4.35 $ 3.93 $ 4.64
Diluted earnings per share $ 4.34 $ 3.92 $ 4.63
See accompanying notes to consolidated financial statements.
CONSOLIDATED STATEMENTS OF INCOME