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Boston, MA (CompNewsNetwork) - Liberty Mutual Group (“LMG” or the “Company”) today 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 years2 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
Financial Condition as of March 31, 2010
- Total assets were $110.191 billion as of March 31, 2010, an increase of $716 million over December 31, 2009.
- Policyholders' equity was $14.937 billion as of March 31, 2010, an increase of $423 million over December 31, 2009.
- Long-term debt, including current maturities of long-term debt, was $5.636 billion as of March 31, 2010, a decrease of $304 million from December 31, 2009.
About Liberty Mutual Group
Boston-based Liberty Mutual Holding Company Inc., the parent corporation of the Liberty Mutual Group of entities (“LMG” or the “Company”), is a diversified global insurer and fifth largest property and casualty insurer in the U.S. based on 2009 direct written premium. The Company also ranks 71st on the Fortune 500 list of largest corporations in the United States based on 2009 revenue. As of December 31, 2009, LMG had $109.475 billion in consolidated assets, $94.961 billion in consolidated liabilities, and $31.094 billion in annual consolidated revenue.
LMG, through its subsidiaries and affiliated companies, offers a wide range of property-casualty insurance products and services to individuals and businesses alike. In 2001 and 2002, the Company formed a mutual holding company structure, whereby the three principal mutual insurance companies, Liberty Mutual Insurance Company, Liberty Mutual Fire Insurance Company and Employers Insurance Company of Wausau, each became separate stock insurance companies under the ownership of Liberty Mutual Holding Company Inc.
Functionally, the Company conducts substantially all of its business through four strategic business units: Personal Markets, Commercial Markets, Agency Markets and International. Each business unit operates independently of the others and has dedicated sales, underwriting, claims, actuarial, financial and certain information technology resources. Management believes this structure allows each business unit to execute its business strategy and/or to make acquisitions without impacting or disrupting the operations of the Company's other business units.
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