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Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
ASSETS
Fixed maturity securities (amortized cost $4,982,459; $4,394,983)	$ 4,913,378	$ 4,319,336
Equity securities (cost $795,068; $654,939)	879,175	730,693
Short-term investments (cost $283,792; $179,375)	283,817	178,491
Total investments	6,076,370	5,228,520
Cash	720,257	550,903
Receivables:
Premiums	697,176	607,025
Allowance for credit losses on premiums receivable	(6,400)	(5,300)
Premiums receivable, net of allowance for credit losses	690,776	601,725
Accrued investment income	67,630	59,128
Other	62,118	25,603
Total receivables	820,524	686,456
Reinsurance recoverables (net of allowance for credit losses $0; $12)	28,613	31,947
Deferred policy acquisition costs	335,332	293,844
Fixed assets, net	138,177	151,183
Operating lease right-of-use assets	13,407	14,406
Current income taxes	0	4,081
Deferred income taxes	45,854	33,013
Goodwill	42,796	42,796
Other intangible assets, net	7,682	8,333
Other assets	81,620	57,915
Total assets	8,310,632	7,103,397
Liabilities
Loss and loss adjustment expense reserves	3,152,031	2,785,702
Unearned premiums	2,039,830	1,735,660
Notes payable	574,128	573,729
Accounts payable and accrued expenses	242,118	175,219
Operating lease liabilities	13,580	14,231
Current income taxes	20,752	0
Other liabilities	321,669	270,711
Total liabilities	6,364,108	5,555,252
Commitments and contingencies
Shareholders’ equity:
Common stock without par value or stated value, Authorized 70,000 shares; issued and outstanding 55,389; 55,371	99,699	98,947
Retained earnings	1,846,825	1,449,198
Total shareholders’ equity	1,946,524	1,548,145
Total liabilities and shareholders’ equity	$ 8,310,632	$ 7,103,397

Sum of the carrying values as of the balance sheet date of obligations incurred through that date, including liabilities incurred and payable to vendors for goods and services received, taxes, interest, rent and utilities, compensation costs, payroll taxes and fringe benefits (other than pension and postretirement obligations), contractual rights and obligations, and statutory obligations.

MERCURY GENERAL CORP 10-K