Liberty Mutual Insurance Reports Third Quarter 2013 Results

BOSTON--(BUSINESS WIRE)--

Liberty Mutual Holding Company Inc. and its subsidiaries (collectively LMHC or the Company) today reported net income of $481 million and $1.247 billion for the three and nine months ended September 30, 2013, increases of $16 million and $184 million over the same periods in 2012.

The third quarter reflected a continuation of our strategy of growing where we can do so profitably and contracting elsewhere, with a heavy emphasis on improving underwriting performance. This is reflected in net written premium growth of 7% year-to-date with a 99.7% combined ratio a 2.3 point reduction over the prior year, said David H. Long, Liberty Mutual Insurance Chairman and CEO. While severe storm activity was milder than the prior year, our combined ratio decline was driven by improved core underwriting results.

Third Quarter Highlights

A Catastrophes include all current accident year catastrophe losses for severe storms in the U.S., Cyclone Oswald, Central Europe floods, Alberta floods and Germany hail storms. Catastrophe losses, where applicable, include the impact of accelerated earned catastrophe premiums and earned reinstatement premiums. B Net incurred losses attributable to prior years is defined as incurred losses attributable to prior years (including prior year losses related to natural catastrophes and prior year catastrophe reinstatement premium) including both earned premium attributable to prior years and amortization of retroactive reinsurance gains. C Re-estimation of current accident year loss reserves for the six months ended June 30, 2013 and June 30, 2012.

Year-to-Date Highlights

Financial Condition as of September 30, 2013

Consolidated Results of Operations for the Three and Nine Months Ended September 30, 2013 and 2012:

Three Months Ended September 30,

Nine Months Ended September 30,

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Liberty Mutual Insurance Reports Third Quarter 2013 Results