Posted on 05 Mar 2013 by Neilson
Liberty Mutual Holding Company Inc. and its subsidiaries on Monday reported net (loss) income of ($234) million and $829 million for the three and twelve months ended December 31, 2012, respectively, versus $285 million and $358 million in the same periods in 2011.
"Net income of $829 million for the year reflects the continued improvement in our operating results despite elevated levels of catastrophe losses," said David H. Long, President and CEO of Liberty Mutual Insurance. "Our net loss of $234 million in the quarter was principally driven by a $576 million after tax loss from Superstorm Sandy, and I'd like to express my gratitude to our claims professionals for their extraordinary response to help our policyholders post the event.
"Full year financial results also included a $125 million loss, after tax, from the refinancing of debt and a $64 million after tax loss associated with the realignment of our operating units.
"Net written premium growth remained robust at 7.6% for the year. I continue to be optimistic about future growth opportunities and with the momentum we have to improve profitability going forward."