Liberty Mutual reported $9.36 billion in net written premium for the third quarter of 2013, an 8.2 percent increase from the same quarter of last year.
Overall revenues for the third quarter were $10.02 billion, an increase of 8 percent since last year.
Third-quarter net income was $481 million, up by $16 million compared to the same time in 2012, despite $279 million in catastrophe losses.
Pretax operating income for the third quarter was $622 million, an increase of 21.7 percent over the same period in 2012.
Liberty Mutual says it strengthened reserves in asbestos and environmental by $279 million during the third quarter.
Liberty Mutual's combined ratio fell by 0.2 points to 99.2 percent since last year.
"The third quarter reflected a continuation of our strategy of growing where we can do so profitably and contracting elsewhere, with a heavy emphasis on improving underwriting performance," said David H. Long, Liberty Mutual insurance chairman and CEO. "While severe storm activity was milder than the prior year, our combined ratio decline was driven by improved core underwriting results."
Severe storm activity in 2013 included catastrophes in the U.S., Cyclone Oswald, Central European floods, Alberta floods and Germany hail storms.
Net written premium for 2013 was $26.84 billion as of September 30, 2013, a 7.1 percent increase since last year. Net income for the first nine months of the year was $1.25 billion, an increase of $184 million over 2012.
The combined ratio improved by 2.3 points to 99.7 percent year-to-date.
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