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Liberty Mutual Posts 1Q Profits, Sees Increase Over '09

Source: Liberty Mutual


Posted on 13 May 2010

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Liberty Mutual Group reported net income of $315 million for the three months ended March 31, 2010 an increase of $293 million over the same period in 2009.

"We turned in another solid quarter of growth and earnings despite natural catastrophes, a very competitive marketplace and continuing economic challenges" said Edmund F. Kelly, Chairman, President and CEO of Liberty Mutual Group Inc. "Our results demonstrate the financial strength of our global operating model. More importantly, we illustrated our operating strength by quickly redirecting worldwide resources to assist our Chilean customers following the devastating earthquake – an effort that exemplifies Liberty Mutual's core values."

First Quarter Highlights

Revenues for the three months ended March 31, 2010 were $8.190 billion, an increase of $784 million or 10.6% over the same period in 2009.

Net written premium for the three months ended March 31, 2010 was $7.209 billion, an increase of $181 million or 2.6% over the same period in 2009.

Pre-tax operating income before private equity income (loss) for the three months ended March 31, 2010 was $304 million, a decrease of $91 million or 23.0% from the same period in 2009.

Pre-tax operating income for the three months ended March 31, 2010 was $388 million, an increase of $366 million over the same period in 2009.

Net income for the three months ended March 31, 2010 was $315 million, an increase of $293 million over the same period in 2009.

Cash flow from operations for the three months ended March 31, 2010 was $459 million, an increase of $74 million or 19.2% over the same period in 2009.

The combined ratio before catastrophes1 and net incurred losses attributable to prior years for the three months ended March 31, 2010 was 97.8%, an increase of 0.4 points over the same period in 2009. Including the impact of catastrophes and net incurred losses attributable to prior years, the Company’s combined ratio for the three months ended March 31, 2010 increased 2.7 points to 102.2%.


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