Liberty Mutual Holding Company Inc. says 2013 second-quarter net income was $448 million, up by $309 million compared to the same period a year ago, as written premiums grew and underwriting results improved.
The company reports $8.9 billion in net-written premium, up by $558 million compared to 2012's second quarter. Revenues, reported at $9.8 billion, were up by $667 million in the period.
Catastrophe losses in the quarter totaled $617 million, down from $702 million a year ago. The company's combined ratio was 101.5, down by 4.3 points compared to 2012.
For the first six months of the year, Liberty Mutual reports net income of $766 million, compared to $598 million a year ago.
David H. Long, Liberty Mutual Insurance chairman and CEO, says in a statement, "Underwriting results continue to improve through the first six months, as evidenced by a decrease of 3.5 points in combined ratio to 99.9 [for 2013's first half.] The improvement highlights our commitment to disciplined underwriting and profitable growth, a strategy that we intend to continue."
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