Liberty Mutual Holding Company reports Q2 2014 net incomeattributable to the company of $393 million — a $55 milliondecrease compared to the same period in 2013.
|Chairman/CEO David Long said during a conference callthough that the decrease was not due insurance operating income butrather a decrease in limited partnership and limited liabilitycompany income.
|“All in all it was a pretty uneventful quarter, which isn'tnecessarily a bad thing in our business,” said Long.
|Personal lines continues to grow, Long added. The companyreports net written premium for auto increased 5.6% to $3.2billion, while homeowners increased 18.5% to 1.5 billion. Long saidhe is “confident” the company will move from No. 6 to No. 5 on thelist of top personal-lines writers in the U.S.
|Commercial-lines net written premiums increased 3%, while netwritten premiums company-wide increased 5.2% to $9.2 billion.
|Liberty Mutual's combined ratio in the quarter was 100.4, aone-point improvement. Excluding catastrophes, the combined ratiowas 92.2, a 0.9-point improvement. Excluding cats and lossesattributed to the prior year, the combined ratio was 91.2, a2.3-point improvement.
|“In short, we continue to improve underwriting results and growwhere we can do so profitably,” Long said in a statement.
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