Liberty Mutual Insurances first-quarter earnings sank 30.7 percent, due largely to a $130 million loss tied to Venezuelas recent devaluation of its currency in an effort to shore up its own finances. <\/p>\n
The Boston-based insurers net income fell by $141 million to $318 million for the three months that ended March 31. <\/p>\n
Revenue climbed 3 percent to $9.14 billion from $8.88 billion in the same period of 2012. <\/p>\n
CEO David H. Long said the companys improved results, with pre-tax operating income up $79 million to $656 million, were masked by the impact of the Venezuelan currency devaluation, which will be substantially offset during the remainder of the year. <\/p>\n
More importantly, our decision to grow where we can do so profitably, and to raise prices or contract in under-performing lines, is gaining traction, Long said in a statement. This pricing, profitability and selective growth momentum should continue for the foreseeable future as we adhere to the same disciplined strategy. <\/p>\n
Liberty Mutual is the third largest property and casualty insurer in the United States based on 2012 direct written premiums. <\/p>\n
Its net written premiums totaled $8.59 billion for the quarter, a 6.4 percent increase from last year. <\/p>\n
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Liberty Mutual earnings drop more than 30 percent<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" Liberty Mutual Insurances first-quarter earnings sank 30.7 percent, due largely to a $130 million loss tied to Venezuelas recent devaluation of its currency in an effort to shore up its own finances. The Boston-based insurers net income fell by $141 million to $318 million for the three months that ended March 31 Continue reading