Berkshire Hathaway 1999 Annual Report Download - page 66

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65
BERKSHIRE HATHAWAY INC.
INSURANCE GROUP
Balance Sheets
(dollars in millions)
December 31,
1999 1998
Assets
Investments:
Fixed maturities at market ................................................ $30,217 $21,216
Equity securities and other investments at market:
American Express Company ........................................... 8,218 5,067
The Coca-Cola Company .............................................. 11,622 13,368
Freddie Mac ........................................................ 2,803 3,885
The Gillette Company ................................................ 3,954 4,590
Wells Fargo & Company .............................................. 2,316 2,466
Other ............................................................. 10,256 10,118
69,386 60,710
Cash and cash equivalents ................................................. 2,981 13,081
Deferred costs ........................................................... 2,309 1,226
Other ................................................................. 9,490 7,745
$84,166 $82,762
Liabilities
Losses and loss adjustment expenses .......................................... $26,802 $23,012
Unearned premiums ...................................................... 3,718 3,324
Policyholder liabilities and other accruals ...................................... 6,537 6,419
Income taxes, principally deferred ........................................... 9,430 11,432
46,487 44,187
Equity
Minority shareholders’ .................................................... 1,337 1,554
Berkshire shareholders’ ................................................... 36,342 37,021
37,679 38,575
$84,166 $82,762
Statements of Earnings
(dollars in millions)
1999 1998 1997
Premiums written ................................................. $14,667 $5,476 $4,852
Premiums earned .................................................. $14,306 $5,300 $4,761
Losses and loss expenses ............................................ 12,518 3,904 3,420
Underwriting expenses ............................................. 3,182 1,131 880
Total losses and expenses .......................................... 15,700 5,035 4,300
Underwriting gain (loss) — pre-tax .................................... (1,394) 265 461
Net investment income* ............................................ 2,488 974 882
Realized investment gain ............................................ 1,364 2,462 1,059
Earnings before income taxes ........................................ 2,458 3,701 2,402
Income tax expense ................................................ 672 1,186 704
1,786 2,515 1,698
Minority interest .................................................. 35 17 15
Net earnings ..................................................... $ 1,751 $2,498 $1,683
* Net investment income is summarized below:
Dividends .......................................................... $ 476 $363 $457
Interest ............................................................ 2,030 621 430
Investment expenses ................................................... (18) (10) (5)
$2,488 $974 $882
These statements do not conform to GAAP in all respects
These statements are unaudited