Boston-based Liberty Mutual reported 2008 fourth-quarter net income rose 12 percent, or $49 million, to $474 million, and management attributed the insurer's positive financial result to an avoidance of risky investments.
For the fourth-quarter period, compared with 2007, revenues increased 18 percent, or $1.23 billion, to $8.15 billion. The company reported a combined ratio for the quarter, including the impact of catastrophes and net incurred losses attributable to prior years, of 94.6, a decrease of 6.1 points.
Net income for all of 2008 was down 25 percent for the year, dropping $378 million from 2007 to $1.14 billion. For the year revenues increased 11 percent, or $2.9 billion, over the prior year to $28.9 billion. The combined ratio for the year stood at 99.9, down 2 points, which included the impact of catastrophes and prior-year net incurred losses.
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