Mercury Insurance 2012 Annual Report Download - page 14

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12
MERCURY GENERAL CORPORATION
10 YEAR SUMMARY
All dollar figures in thousands,
except per share data 2012 2011 2010 2009
OPERATING RESULTS (GAAP BASIS):
Net premiums written $ 2,651,731 $2,575,383 $ 2,555,481 $ 2,589,972
Change in net unearned premiums (76,811) (9,326) 11,204 35,161
Net premiums earned 2,574,920 2,566,057 2,566,685 2,625,133
Losses and loss adjustment expenses 1,961,448 1,829,205 1,825,766 1,782,233
Underwriting expenses 685,069 697,432 760,923 760,990
Net investment income 131,896 140,947 143,814 144,949
Net realized investment gains (losses) 66,380 58,397 57,089 346,444
Other income 10,174 11,884 8,297 4,967
Interest expense 1,543 5,549 6,806 6,729
Income (loss) before taxes 135,310 245,099 182,390 571,541
Income tax expense (benefit) 18,399 53,935 30,192 168,469
Net income (loss) $ $116,911 $ 191,164 $ $152,198 $ 403,072
Net income (loss) per share (basic) $ $2.13 $3.49 $ $2.78 $ 7.36
Net income (loss) per share (diluted) $ $2.13 $3.49 $ $2.78 $ 7. 32
Operating ratios
Loss ratio 76.2% 71.3% 71.1% 6 7.9 %
Expense ratio 26.6% 27.2% 29.6% 29.0%
Combined ratio 102.8% 98.5% 100.7% 96.9%
INVESTMENTS:
Total investments, at fair value $ 3,180,095 $ 3,062,421 $ 3,155,257 $3,146,857
Yield on average investments
Before taxes 4.4% 4.7% 4.6% 4.5%
After taxes 3.8% 4.2% 4.1% 4.1%
FINANCIAL CONDITION:
Total assets $ 4,189,686 $4,070,006 $ 4,203,364 $ 4,232,633
Unpaid losses and loss adjustment expenses 1,036,123 985,279 1,034,205 1,053,334
Unearned premiums 920,429 843,427 833,379 844,540
Notes payable 140,000 140,000 267,210 271,397
Policyholders’ surplus 1,440,973 1,497,609 1,322,270 1,517,864
Total shareholders’ equity 1,842,497 1,857,483 1,794,815 1,770,946
Book value per share $ $33.55 $ 33.86 $ 32.75 $ 32.33
OTHER INFORMATION:
Return on average shareholders’ equity 4.0% 8.4% 6.5% 10.9%
Basic average shares outstanding 54,899 54,825 54,792 54,770
Shares outstanding at year-end 54,922 54,856 54,803 54,777
Dividends per share $ 2.4425 $2.41 $ 2.37 $ 2.33
Price range (bids) of common stock $ 46.76-36.01 $ 46.61-33.81 $ 46.66-37.38 $ 46.09-22.45