Consolidated Balance Sheets
(millions)
| December 31, |  2009 |
2008 | ||
|---|---|---|---|---|
Assets |
||||
| Investments – Available-for-sale, at fair value: | ||||
| Fixed maturities (amortized cost: $11,717.0 and $10,295.3) | $ | 11,563.4 | $ | 9,946.7 |
| Equity securities: | ||||
| Nonredeemable preferred stocks (cost: $665.4 and $1,131.3) | 1,255.8 | 1,150.0 | ||
| Common equities (cost: $598.4 and $553.6) | 816.2 | 727.8 | ||
| Short-term investments (amortized cost: $1,078.0 and $1,153.6) | 1,078.0 | 1,153.6 | ||
| Total investments | 14,713.4 | 12,978.1 | ||
| Cash | 160.7 | 2.9 | ||
| Accrued investment income | 110.4 | 125.7 | ||
| Premiums receivable, net of allowance for doubtful accounts of $116.4 and $113.7 | 2,454.8 | 2,408.6 | ||
| Reinsurance recoverables, including $35.4 and $44.0 on paid losses and loss adjustment expenses | 564.8 | 288.5 | ||
| Prepaid reinsurance premiums | 69.3 | 62.4 | ||
| Deferred acquisition costs | 402.2 | 414.0 | ||
| Income taxes | 416.7 | 821.6 | ||
| Property and equipment, net of accumulated depreciation of $595.8 and $653.6 | 961.3 | 997.1 | ||
| Other assets | 195.7 | 151.6 | ||
| Total assets | $ | 20,049.3 | $ | 18,250.5 |
Liabilities and Shareholders' Equity |
||||
| Unearned premiums | $ | 4,172.9 | $ | 4,175.9 |
| Loss and loss adjustment expense reserves | 6,653.0 | 6,177.4 | ||
| Accounts payable, accrued expenses, and other liabilities1 | 1,297.6 | 1,506.4 | ||
| Debt | 2,177.2 | 2,175.5 | ||
| Total liabilities | 14,300.7 | 14,035.2 | ||
| Common Shares, $1.00 par value (authorized 900.0; issued 797.8 and 797.9, including treasury shares of 125.2 and 121.4) |
672.6 | 676.5 | ||
| Paid-in capital | 939.7 | 892.9 | ||
| Retained earnings | 3,683.1 | 2,697.8 | ||
| Accumulated other comprehensive income (loss): | ||||
| Net unrealized gains (losses) on securities | 456.3 | |||
| Portion of OTTI losses recognized in other comprehensive income | (26.1) | |||
| Total net unrealized gains (losses) on securities | 430.2 | (76.8) | ||
| Net unrealized gains on forecasted transactions | 21.6 | 24.9 | ||
| Foreign currency translation adjustment | 1.4 | — | ||
| Total accumulated other comprehensive income (loss) | 453.2 | (51.9) | ||
| Total shareholders’ equity | 5,748.6 | 4,215.3 | ||
| Total liabilities and shareholders’ equity | $ | 20,049.3 | $ | 18,250.5 |
1) See Note 12 – Litigation and Note 13 – Commitments and Contingencies for further discussion.
See notes to consolidated financial statements.