Mercury Insurance 2008 Annual Report Download - page 64

Download and view the complete annual report

Please find page 64 of the 2008 Mercury Insurance annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 106

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106

54
MERCURY GENERAL CORPORATION
AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME
Years ended December 31,
(Amounts in thousands)
2008 2007 2006
Net (loss) income (242,119)$ 237,832$ 214,817$
Other comprehensive income (loss), before tax:
Losses on hedging instrument (1,348) - -
Unrealized gains on securities:
Unrealized holding gains arising during period - 25,583 12,144
Less: reclassification adjustment for net gains included in net income - (8,800) (7,373)
Other comprehensive income (loss), before tax (1,348) 16,783 4,771
Income tax benefit related to losses on hedging instrument (472) - -
Income tax expense related to unrealized holding gains
arising during period - 8,958 4,248
Income tax benefit related to reclassification adjustment for net
gains included in net income - (3,080) (2,580)
Comprehensive (loss) income, net of tax (242,995)$ 248,737$ 217,920$
See accompanying notes to consolidated financial statements.