BOSTON--(BUSINESS WIRE)-- <\/p>\n
Liberty Mutual Holding Company Inc. and its subsidiaries (collectively LMHC or the Company) today reported net income of $318 million for the three months ended March 31, 2013, a decrease of $141 million from the same period in 2012. <\/p>\n
First quarter operating results improved over the prior year quarter with pre-tax operating income up $79 million to $656 million, said David H. Long, President and CEO of Liberty Mutual Insurance. The improvement was masked by the immediate impact of the Venezuelan currency devaluation, which will be substantially offset over the remainder of the year. More importantly, our decision to grow where we can do so profitably, and to raise prices or contract in underperforming lines is gaining traction as evidenced by a 2.6 point reduction in combined ratio to 98.3%. <\/p>\n
This pricing, profitability, and selective growth momentum should continue for the foreseeable future as we adhere to the same disciplined strategy. <\/p>\n
First Quarter Highlights <\/p>\n
A Catastrophes include all current accident year catastrophe losses excluding losses related to the Companys external reinsurance assumed lines except for the 2012 tornadoes and other severe storms in the U.S. 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. <\/p>\n
Financial Condition as of March 31, 2013 <\/p>\n
Consolidated Results of Operations for the Three Months Ended March 31, 2013 and 2012: <\/p>\n
Three Months Ended March 31, <\/p>\n
$793 <\/p>\n
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Liberty Mutual Insurance Reports First Quarter 2013 Results<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" BOSTON--(BUSINESS WIRE)-- Liberty Mutual Holding Company Inc. and its subsidiaries (collectively LMHC or the Company) today reported net income of $318 million for the three months ended March 31, 2013, a decrease of $141 million from the same period in 2012. First quarter operating results improved over the prior year quarter with pre-tax operating income up $79 million to $656 million, said David H. Continue reading