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Liberty Mutual Q4 net income up 22%

Boston-based insurer Liberty Mutual Group has reported a net income of $576m for the fourth quarter of 2010, compared to $473m in the same quarter a year ago.

Revenues for the fourth quarter of 2010 were $8.55bn, compared to $7.94bn in the corresponding quarter of 2009.

Pre-tax operating income before private equity income for the fourth quarter of 2010 was $515m, compared to $528m for same quarter of 2009.

Net written premium for the fourth quarter of 2010 was $6.97bn, a decrease of $140m or 2% from the same period in 2009.

Net income for the year 2010 was $1.67bn, compared to $1.02bn for the year 2009.

For 2010 revenues were $33.19bn, compared to $31.09bn for the year 2009.

Liberty Mutual Group chairman and CEO Edmund Kelly said that the industry leading domestic personal lines businesses along with the unparalleled international operations more than compensated for the industry-wide problems in commercial lines.