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Liberty Mutual tops 2014 with strong fourth quarter profit

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Photo by Bloomberg

A focus on deliberate underwriting actions and solid investment results boosted profits and premiums in 2014 for Liberty Mutual Holding Co., though the insurers workers compensation business declined last year.

Liberty Mutual reported net income of $559 million for the quarter ended Dec. 31, up 12.7% from the fourth quarter of 2013. Revenues for the fourth quarter last year reached $9.95 billion, down slightly from $9.96 billion the same period in 2013.

Liberty Mutual said its net written premiums increased 1.1% to $8.86 billion in the recent quarter compared with the fourth quarter of 2013.

Deliberate underwriting actions and solid investment results led to net operating income of $2.2 billion for the year, an increase of 16% despite higher catastrophe losses and continued low interest rates, Liberty Mutual Chairman and CEO David H. Long said in a statement.

Net income for 2014 reached $1.83 billion for Liberty Mutual, up 5.2% from the prior year, while revenues for the full year climbed 3.2% to $39.63 billion last year.

Liberty Mutual net written premiums reached $36.28 billion for 2014, up from 3.3% from the prior year. The company reported a combined ratio of 97.5% last year, down from 99.7% in 2013.

Despite overall improvements in Liberty Mutuals business, the insurer reported lower premiums last year for its workers comp segment.

Net written premiums for voluntary market workers comp policies declined to $479 million in the fourth quarter of 2014, down 12.9% from the fourth quarter of 2013. Voluntary workers comp net written premiums decreased to $2.15 billion for all of 2014, down 14% from the prior year.

Mr. Long said last year that the insurer is attempting to reduce its workers comp exposures. The company is the second largest workers comp insurer behind Travelers Cos. Inc., according to 2014 data from the National Association of Insurance Commissioners.

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Liberty Mutual tops 2014 with strong fourth quarter profit

Blues ‘n Jamaica 2015: Liberty Silver: ‘At Last’, Seastar Inn, Negril – Video

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Blues #39;n Jamaica 2015: Liberty Silver: #39;At Last #39;, Seastar Inn, Negril
What can I say about Liberty Bell that hasn #39;t been said already! She is a genuine member of Canada #39;s elite singers over the past number of decades. I could sit and listen to her all night...

By: Gary Asselstine

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Blues 'n Jamaica 2015: Liberty Silver: 'At Last', Seastar Inn, Negril - Video

West Liberty celebrates progress three years after tornado

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WEST LIBERTY, Ky. (WTVQ) - Monday marks three years since a deadly EF 3 tornado tore through the town of West Liberty in Morgan County.

Many people lost homes and businesses but some are calling this years anniversary a celebration.

Construction seems to be everywhere throughout West Liberty, a symbol of the progress the town is making.

Its a new day dawning here in West Liberty, said Jim Gazay, construction manager for a new bank building thats going in on Main Street. What we've done and what we've been able to accomplish and where were going to go now.

Lives are being rebuilt too. The Shuck family is about to move into a new home after theirs was destroyed by the tornado. Like so many others in West Liberty, the Shucks are focusing on progress.

Its part of our history, its something that is always going to be there and we'll just live with it and move forward, said Doris Shuck. That's the attitude we've tried to take with it.

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West Liberty celebrates progress three years after tornado


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