Liberty Mutual Group reported second-quarter net incomeincreased 23 percent despite an up-tick in its combined ratio dueto a very active hurricane season.
Edmund F. Kelly, chairman, president and chief executiveofficer, said he was pleased with the results which resulted fromunderwriting discipline and adequate pricing. Speaking during ananalyst's conference call, he expressed optimism that insurers willsee a renewal of the Terrorism Risk Insurance Act withmodifications.
The Boston-based carrier reported quarterly net income grew by$93 million, going from $407 million in the second quarter of 2004to $500 million. Revenues increased more than 10 percent, or $509million, from $4.78 billion to $5.3 billion.
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