Boston-based Liberty Mutual Group said today that third-quarter net income dropped by 27 percent and its combined ratio had deteriorated one point to 99 as the insurer was impacted by the market's price slump.
Net income was $404 million compared with $556 million for the period last year. For nine months the decline was 6.7 percent, dropping from $1.17 billion to $1.09 billion.
The company said international premiums provided more than half of the total, with 9.6 percent growth in revenues for the quarter, compared with the period last year. Another highlight was strong growth in both domestic and international personal lines businesses, bringing total worldwide insured autos for the company to 8.2 million.
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