BOSTON--(BUSINESS WIRE)-- <\/p>\n
Liberty Mutual Holding Company Inc. and its subsidiaries (collectively LMHC or the Company) today reported net income attributable to LMHC of $459 million for the three months ended March 31, 2012, an increase of $95 million over the same period in 2011. <\/p>\n
Our first quarter results highlight the progress we have made in terms of core profitability and continued growth, said David H. Long, President and CEO of Liberty Mutual Insurance. Our net income of $459 million was up 26% in the quarter reflecting an accelerating commercial lines price trend, excellent non-catastrophe personal lines results, and fewer international catastrophes. Our growth was strong where we targeted, with increases of 12% internationally and 9% in domestic personal lines, while U.S. commercial lines contracted an acceptable 1%. These results, plus our acquisition of KIT Finance Insurance in Russia, have provided an encouraging start to the year. <\/p>\n
First Quarter Highlights <\/p>\n
Financial Condition as of March 31, 2012 <\/p>\n
Consolidated Results of Operations for the Three Months Ended March 31, 2012 and 2011: <\/p>\n
March 31, <\/p>\n
Pre-tax operating income (PTOI) before catastrophes, net incurred losses attributable to prior years and LP and LLC income <\/p>\n
Less: Net (loss) income attributable to non-controlling interest <\/p>\n
1 Catastrophes include all current and prior accident year catastrophe losses incurred excluding losses related to the Companys external reinsurance assumed lines (assumed voluntary reinsurance and reinsurance assumed through Lloyds Syndicate 4472) except for the 2011 Australia floods, Cyclone Yasi, Japan earthquake and tsunami, New Zealand earthquakes, Hurricane Irene, Thailand floods and the 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. <\/p>\n<\/p>\n
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\nLiberty Mutual Insurance Reports First Quarter 2012 Results<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"