Mercury Insurance 2009 Annual Report Download - page 79
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MERCURY GENERAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Amounts in thousands, except share data)
December 31,
2009 2008
ASSETS
Investments, at fair value:
Fixed maturities trading (amortized cost $2,673,079; $2,728,471) ............ $2,704,561 $2,481,673
Equity securities trading (cost $308,941; $403,773) ....................... 286,131 247,391
Short-term investments (cost $156,126; $208,278) ........................ 156,165 204,756
Total investments .............................................. 3,146,857 2,933,820
Cash ................................................................. 185,505 35,396
Receivables:
Premiums receivable ................................................ 262,278 268,227
Premium notes ..................................................... 14,510 25,699
Accrued investment income .......................................... 37,405 36,540
Other ............................................................ 13,689 9,526
Total receivables ............................................... 327,882 339,992
Deferred policy acquisition costs .......................................... 175,866 200,005
Fixed assets, net ........................................................ 201,862 191,777
Current income taxes .................................................... 27,268 43,378
Deferred income taxes ................................................... 36,139 171,025
Goodwill ............................................................. 42,850 —
Other intangible assets, net ............................................... 66,823 —
Other assets ........................................................... 21,581 34,802
Total assets ................................................... $4,232,633 $3,950,195
LIABILITIES AND SHAREHOLDERS’ EQUITY
Losses and loss adjustment expenses ....................................... $1,053,334 $1,133,508
Unearned premiums .................................................... 844,540 879,651
Notes payable ......................................................... 271,397 158,625
Accounts payable and accrued expenses ..................................... 114,469 93,864
Other liabilities ........................................................ 177,947 190,496
Total liabilities ................................................ 2,461,687 2,456,144
Commitments and contingencies
Shareholders’ equity:
Common stock without par value or stated value:
Authorized 70,000,000 shares; issued and outstanding 54,776,958;
54,763,713 .................................................. 72,589 71,428
Accumulated other comprehensive loss ................................. (597) (876)
Retained earnings .................................................. 1,698,954 1,423,499
Total shareholders’ equity ........................................ 1,770,946 1,494,051
Total liabilities and shareholders’ equity ............................ $4,232,633 $3,950,195
See accompanying notes to consolidated financial statements.
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