Mercury Insurance 2008 Annual Report Download - page 62

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52
MERCURY GENERAL CORPORATION
AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
December 31,
(Amounts in thousands, except share data)
2008 2007
Investments:
Fixed maturities trading, at fair value (amortized cost $2,728,471) 2,481,673$ -$
Fixed maturities available for sale, at fair value (amortized cost $2,860,455) - 2,887,760
Equity securities available for sale, at fair value (cost $317,869) - 413,123
Equity securities trading, at fair value (cost $403,773; $13,126) 247,391 15,114
Short-term investments, at fair value in 2008; at cost in 2007 (cost $208,278 in 2008) 204,756 272,678
Total investments 2,933,820 3,588,675
Cash 35,396 48,245
Receivables:
Premiums receivable 268,227 294,663
Premium notes 25,699 27,577
Accrued investment income 36,540 36,436
Othe
r
9,526 9,010
Total receivables 339,992 367,686
Deferred policy acquisition costs 200,005 209,805
Fixed assets, net 191,777 172,357
Current income taxes 43,378 -
Deferred income taxes 171,025 -
Other assets 34,802 27,728
Total assets 3,950,195$ 4,414,496$
Losses and loss adjustment expenses 1,133,508$ 1,103,915$
Unearned premiums 879,651 938,370
Notes payable 158,625 138,562
Accounts payable and accrued expenses 93,864 125,755
Current income taxes - 3,150
Deferred income taxes - 30,852
Other liabilities 190,496 211,894
Total liabilities 2,456,144 2,552,498
Commitments and contingencies
Shareholders' equity:
Common stock without par value or stated value:
Authorized 70,000,000 shares; issued and outstanding 54,763,713 in 2008
and 54,729,913 shares in 2007 71,428 69,369
Accumulated other comprehensive (loss) income (876) 80,557
Retained earnings 1,423,499 1,712,072
Total shareholders' equit
y
1,494,051 1,861,998
Total liabilities and shareholders' equit
y
3,950,195$ 4,414,496$
LIABILITIES AND SHAREHOLDERS' EQUITY
ASSETS
See accompanying notes to consolidated financial statements.