Liberty Mutual Group reported net income of $362 million for the first quarter 2011, an increase of $47 million, or 14.9 percent, over the same period in 2010.
Revenues for the three months ended March 31, 2011 were $8.381 billion, an increase of $191 million or 2.3 percent over the same period in 2010.
Net written premium was $7.583 billion, an increase of $374 million or 5.2 percent over the same period in 2010.
The combined ratio before catastrophes and net incurred losses attributable to prior years for the three months ended March 31, 2011 was 97.0 percent, a decrease of 0.3 points from the same period in 2010. Including the impact of catastrophes and net incurred losses attributable to prior years, the combined ratio for the three months ended March 31, 2011 increased 0.3 points to 102.5 percent.
Pre-tax operating income before private equity income for the three months ended March 31, 2011 was $231 million, a decrease of $73 million or 24.0 percent from the same period in 2010.
Pre-tax operating income for the three months ended March 31, 2011 was $441 million, an increase of $53 million or 13.7 percent over the same period in 2010.
Cash flow from operations for the three months ended March 31, 2011 was $606 million, an increase of $147 million or 32.0 percent over the same period in 2010.
“Considering the number and magnitude of catastrophic events worldwide, we are satisfied with our operating results in the first quarter,” said Ted Kelly, chairman and CEO of Liberty Mutual Group. “Overall, our businesses were profitable and our investment operation had another outstanding quarter.”
Source: Liberty Mutual Group