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Liberty Mutual Group Reports Fourth-Quarter 2009 Results

Source: Business Wire

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Posted on 03 Mar 2010

Liberty Mutual Group yesterday reported net income of $456 million and $1.023 billion for the three and twelve months ended December 31, 2009, respectively, an increase of $9 million and a decrease of $90 million versus the same periods in 2008.

"Our fourth quarter and full year results reflect continued strength of our core businesses in challenging economic and competitive environments," said Edmund F. Kelly, Chairman, President and CEO of Liberty Mutual Group Inc. “We will uphold our commitment to disciplined underwriting and reserving in order to maintain balance sheet strength.”

Fourth Quarter Highlights

* Revenues for the three months ended December 31, 2009 were $7.942 billion, a decrease of $209 million or 2.6% from the same period in 2008.

* Net written premium for the three months ended December 31, 2009 was $7.119 billion, an increase of $733 million or 11.5% over the same period in 2008.

* Pre-tax operating income before private equity loss for the three months ended December 31, 2009 was $501 million, a decrease of $148 million or 22.8% from the same period in 2008.

* Pre-tax operating income for the three months ended December 31, 2009 was $488 million, a decrease of $37 million or 7.0% from the same period in 2008.

* Net income for the three months ended December 31, 2009 was $456 million, an increase of $9 million or 2% over the same period in 2008.

* Cash flow from operations for the three months ended December 31, 2009 was $919 million, an increase of $746 million over the same period in 2008.

* The combined ratio before catastrophes1 and net incurred losses attributable to prior years2 for the three months ended December 31, 2009 was 99.9%, an increase of 1.3 points over the same period in 2008. Including the impact of catastrophes and net incurred losses attributable to prior years, the Company’s combined ratio for the three months ended December 31, 2009 increased 4.0 points to 99.3%.

Year End Highlights

* Revenues for the twelve months ended December 31, 2009 were $31.094 billion, an increase of $2.239 billion or 7.8% over the same period in 2008.

* Net written premium for the twelve months ended December 31, 2009 was $28.258 billion, an increase of $2.791 billion or 11.0% over the same period in 2008.

* Pre-tax operating income before private equity (loss) income for the twelve months ended December 31, 2009 was $1.595 billion, an increase of $16 million or 1.0% over the same period in 2008.

* Pre-tax operating income for the twelve months ended December 31, 2009 was $1.184 billion, a decrease of $399 million or 25.2% from the same period in 2008.

* Net income for the twelve months ended December 31, 2009 was $1.023 billion, a decrease of $90 million or 8.1% from the same period in 2008.

* Cash flow from operations for the twelve months ended December 31, 2009 was $2.487 billion, a decrease of $258 million or 9.4% from the same period in 2008.

* The combined ratio before catastrophes and net incurred losses attributable to prior yearsfor the twelve months ended December 31, 2009 was 98.4%, an increase of 0.8 points over the same period in 2008. Including the impact of catastrophes and net incurred losses attributable to prior years, the Company’s combined ratio for the twelve months ended December 31, 2009 decreased 0.2 points to 99.9%.


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