Mercury Insurance 2011 Annual Report Download - page 83
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MERCURY GENERAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Amounts in thousands)
December 31,
2011 2010
ASSETS
Investments, at fair value:
Fixed maturities trading (amortized cost $2,345,620; $2,617,656) ............ $2,445,589 $2,652,280
Equity securities trading (cost $388,417; $336,757) ....................... 380,388 359,606
Short-term investments (cost $236,433; $143,378) ........................ 236,444 143,371
Total investments .............................................. 3,062,421 3,155,257
Cash ................................................................. 211,393 181,388
Receivables:
Premiums ......................................................... 288,799 280,980
Accrued investment income .......................................... 32,541 36,885
Other ............................................................ 11,320 10,076
Total receivables ............................................... 332,660 327,941
Deferred policy acquisition costs .......................................... 171,430 170,579
Fixed assets, net ........................................................ 177,760 196,505
Current income taxes .................................................... 0 25,719
Deferred income taxes ................................................... 6,511 26,499
Goodwill ............................................................. 42,850 42,850
Other intangible assets, net ............................................... 53,749 60,124
Other assets ........................................................... 11,232 16,502
Total assets ................................................... $4,070,006 $4,203,364
LIABILITIES AND SHAREHOLDERS’ EQUITY
Losses and loss adjustment expenses ....................................... $ 985,279 $1,034,205
Unearned premiums .................................................... 843,427 833,379
Notes payable ......................................................... 140,000 267,210
Accounts payable and accrued expenses ..................................... 94,743 106,662
Current income taxes .................................................... 67 0
Other liabilities ........................................................ 149,007 167,093
Total liabilities ................................................ 2,212,523 2,408,549
Commitments and contingencies
Shareholders’ equity:
Common stock without par value or stated value:
Authorized 70,000 shares; issued and outstanding 54,856; 54,803 ........ 76,634 74,188
Additional paid-in capital ............................................ 538 78
Accumulated other comprehensive loss ................................. 0 (740)
Retained earnings .................................................. 1,780,311 1,721,289
Total shareholders’ equity ........................................ 1,857,483 1,794,815
Total liabilities and shareholders’ equity ............................ $4,070,006 $4,203,364
See accompanying notes to consolidated financial statements.
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