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Liberty Mutual Group Reports First Quarter 2009 Results

06 May, 2009 WorkersCompensation.com

                               
Boston, MA (CompNewsNetwork) - Liberty Mutual Group ("LMG” or the "Company”) today reported net income of $28 million for the three months ended March 31, 2009, a decrease of $332 million from the same period in 2008. Net income excluding private equity (loss) income was $270 million in the quarter versus $321 million in the prior year.

"Core operating results reflect our continued focus on profitability over growth. However, we felt the negative impact of the capital markets this quarter through lower values on our private equity portfolio,” said Edmund F. Kelly, Chairman, President and CEO of Liberty Mutual Group Inc. "Our recent acquisition of Safeco is reflected in both revenue growth and improved underwriting results and the integration continues to meet our expectations.”

First Quarter Highlights
* Revenues for the three months ended March 31, 2009 were $7.406 billion, an increase of $521 million or 7.6% over the same period in 2008.
* Net written premium for the three months ended March 31, 2009 was $7.028 billion, an increase of $772 million or 12.3% over the same period in 2008.
* Pre-tax operating income before private equity (loss) income for the three months ended was $404 million, a decrease of $28 million or 6.5% from the same period in 2008.
* Pre-tax operating income for the three months ended March 31, 2009 was $31 million, a decrease of $461 million or 93.7% from the same period in 2008.
* Net income for the three months ended March 31, 2009 was $28 million, a decrease of $332 million or 92.2% from the same period in 2008.
* Cash flow from operations for the three months ended March 31, 2009 was $385 million, a decrease of $228 million or 37.2% from the same period in 2008.
* The combined ratio before catastrophes1 and net incurred losses attributable to prior years2 for the three months ended March 31, 2009 was 97.3%, a decrease of 1.8 points from 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 March 31, 2009 decreased 1.2 points to 99.5%.

Financial Condition as of March 31, 2009
* Total assets were $104.730 billion as of March 31, 2009, an increase of $414 million over December 31, 2008.
* Policyholders' equity was $10.387 billion as of March 31, 2009, an increase of $227 million over December 31, 2008.

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