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News Article Details

Liberty Mutual Group Reports Second Quarter Loss


Posted on 02 Aug 11

Liberty Mutual Group reported a net loss of $170 million and net income of $192 million for the three and six months ended June 30, 2011, versus net income of $220 million and $535 million in the same periods in 2010.

“It was an unprecedented second quarter in terms of severe storm and tornado activity in the U.S., and our operating results reflect the financial cost. More importantly, the human cost in lives, anguish and loss is incalculable, and our thoughts are with all of those affected by these storms. Our claims staff continues to work diligently assisting our policyholders with putting their lives back together, and I am very proud of their efforts,” said David H. Long, President and CEO of Liberty Mutual Group. “Our diversified operating model ensures that we can respond to the needs of all of our policyholders while absorbing the financial impact of such tragic events.”

Second Quarter Highlights

  • Revenues for the three months ended June 30, 2011 were $8.560 billion, an increase of $494 million or 6.1% over the same period in 2010.

  • Net written premium for the three months ended June 30, 2011 was $7.723 billion, an increase of $440 million or 6.0% over the same period in 2010.

  • Pre-tax operating loss before private equity income for the three months ended June 30, 2011 was $384 million versus $183 million of pre-tax operating income before private equity income in the same period in 2010.

  • Pre-tax operating loss for the three months ended June 30, 2011 was $256 million versus $188 million of pre-tax operating income in the same period in 2010.

  • Net loss for the three months ended June 30, 2011 was $170 million versus $220 million of net income in the same period in 2010.

  • Cash flow from operations for the three months ended June 30, 2011 was $302 million, a decrease of $284 million or 48.5% from the same period in 2010.

  • The combined ratio before catastrophes1 and net incurred losses attributable to prior years for the three months ended June 30, 2011 was 94.5%, a decrease of 2.6 points from the same period in 2010. Including the impact of catastrophes and net incurred losses attributable to prior years, the Company’s combined ratio for the three months ended June 30, 2011 increased 7.7 points to 112.4%.


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