BOSTON--(BUSINESS WIRE)-- <\/p>\n
Liberty Mutual Holding Company Inc. and its subsidiaries (collectively LMHC or the Company) today reported net (loss) income of ($234) million and $829 million for the three and twelve months ended December 31, 2012, respectively, versus $285 million and $358 million in the same periods in 2011. <\/p>\n
Net income of $829 million for the year reflects the continued improvement in our operating results despite elevated levels of catastrophe losses, said David H. Long, President and CEO of Liberty Mutual Insurance. Our net loss of $234 million in the quarter was principally driven by a $576 million after tax loss from Superstorm Sandy, and Id like to express my gratitude to our claims professionals for their extraordinary response to help our policyholders post the event. <\/p>\n
Full year financial results also included a $125 million loss, after tax, from the refinancing of debt and a $64 million after tax loss associated with the realignment of our operating units. <\/p>\n
Net written premium growth remained robust at 7.6% for the year. I continue to be optimistic about future growth opportunities and with the momentum we have to improve profitability going forward. <\/p>\n
Fourth Quarter Highlights <\/p>\n
A Catastrophes include all current and prior accident year catastrophe losses excluding losses related to the Companys external reinsurance assumed lines except for Hurricane Isaac, the 2011 Australia floods, Cyclone Yasi, Japan earthquake and tsunami, New Zealand earthquakes, Hurricane Irene, Thailand floods, the 2011 and 2012 tornadoes and other severe storms in the U.S. including Superstorm Sandy. 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 (excluding prior year losses related to natural catastrophes) including both earned premium attributable to prior years and amortization of retroactive reinsurance gains. CRe-estimation of the current accident year loss reserves for the nine months ended September 30, 2012 and September 30, 2011. <\/p>\n
Year-to-Date Highlights <\/p>\n
Financial Condition as of December 31, 2012 <\/p>\n
Consolidated Results of Operations for the Three and Twelve Months Ended December 31, 2012 and 2011: <\/p>\n
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Liberty Mutual Insurance Reports Fourth Quarter and Full Year 2012 Results<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" BOSTON--(BUSINESS WIRE)-- Liberty Mutual Holding Company Inc. Continue reading