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Liberty Mutual reports decline in Q1 net income

Liberty Mutual Holding Company (LMHC) has reported a net income attributable to LMHC of $272m for Q1 2014, a 14.5% drop from corresponding quarter a year ago.

The company posted an increase in its revenues by $694m or 7.7% to $9.65bn, compared to $8.96bn in the first quarter of fiscal 2013.

Net written premium was $8.78bn, a 4.2% rise over the same quarter last year.

Liberty Mutual Insurance chairman and CEO David Long said that the first quarter results reflect the balance of positive rate and retention in the company’s primary lines of business and continued improved profitability of its core businesses.

"Net income for continuing operations was $326 million, up 7% year-over-year. Including the loss in discontinued operations of $64 million, primarily due to the sale of our company in Argentina, consolidated net income was $262 million.

"Growth remained healthy, with net written premium increasing 8% in local currencies, or 4% after the impact of foreign exchange," Long noted.