Mercury Insurance 2009 Annual Report Download - page 50

2010. The Company may repurchase shares of its common stock under the program in open market transactions
at the discretion of management. The Company will use dividends received from the Insurance Companies to
fund the share repurchases. Since the inception of the program, the Company has purchased 1,266,100 shares of
common stock at an average price of $31.36. The purchased shares were retired, and no stock has been purchased
since 2000.
Item 6. Selected Financial Data
The following selected financial and operating data are derived from the Company’s audited consolidated
financial statements. The selected financial and operating data should be read in conjunction with
“Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” and the
consolidated financial statements and notes thereto contained elsewhere in this Annual Report on Form 10-K.
Year Ended December 31,
2009 2008 2007 2006 2005
(Amounts in thousands, except per share data)
Income Data:
Earned premiums ...................... $2,625,133 $2,808,839 $2,993,877 $2,997,023 $2,847,733
Net investment income ................. 144,949 151,280 158,911 151,099 122,582
Net realized investment gains (losses) ..... 346,444 (550,520) 20,808 15,436 16,160
Other ............................... 4,967 4,597 5,154 5,185 5,438
Total revenues .................... 3,121,493 2,414,196 3,178,750 3,168,743 2,991,913
Losses and loss adjustment expenses ...... 1,782,233 2,060,409 2,036,644 2,021,646 1,862,936
Policy acquisition costs ................. 543,307 624,854 659,671 648,945 618,915
Other operating expenses ............... 217,683 174,828 158,810 176,563 150,201
Interest .............................. 6,729 4,966 8,589 9,180 7,222
Total expenses .................... 2,549,952 2,865,057 2,863,714 2,856,334 2,639,274
Income (loss) before income taxes ........ 571,541 (450,861) 315,036 312,409 352,639
Income tax expense (benefit) ........ 168,469 (208,742) 77,204 97,592 99,380
Net income (loss) ..................... $ 403,072 $ (242,119) $ 237,832 $ 214,817 $ 253,259
Per Share Data:
Basic earnings per share ................ $ 7.36 $ (4.42) $ 4.35 $ 3.93 $ 4.64
Diluted earnings per share ............... $ 7.32 $ (4.42) $ 4.34 $ 3.92 $ 4.63
Dividends paid ........................ $ 2.33 $ 2.32 $ 2.08 $ 1.92 $ 1.72
December 31,
2009 2008 2007 2006 2005
(Amounts in thousands, except per share data)
Balance Sheet Data:
Total investments ..................... $3,146,857 $2,933,820 $3,588,675 $3,499,738 $3,242,712
Total assets .......................... 4,232,633 3,950,195 4,414,496 4,301,062 4,050,868
Losses and loss adjustment expenses ...... 1,053,334 1,133,508 1,103,915 1,088,822 1,022,603
Unearned premiums ................... 844,540 879,651 938,370 950,344 902,567
Notes payable ........................ 271,397 158,625 138,562 141,554 143,540
Shareholders’ equity ................... 1,770,946 1,494,051 1,861,998 1,724,130 1,607,837
Book value per share ................... 32.33 27.28 34.02 31.54 29.44
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