Liberty Mutual reported net income of $393 million and $665 million for the three and six months ended June 30, 2014.

Liberty Mutual Holding Company Inc. and its subsidiaries reported a dip in earnings for the second quarter and first six months of 2014. But revenue, driven in part by a rise in net premiums, continued to grow apace.

Liberty Mutual and its subsidiaries reported net income of $393 million and $665 million for the three and six months ended June 30, 2014. These figures are down, respectively, from the $448 million and $766 million recorded for the same periods in 2013.

Including $5 million and $15 million of net losses attributable to non-controlling interest, consolidated net income for the three and six months ended June 30, 2014 were $388 million and $650 million, respectively.

In its second quarter release, the mutual multiline insurance company emphasized the positive, noting a rise in net premium growth. For the three months ended June 30, 2014 net written premium was $9.2 billion, an increase of $456 million or 5.2 percent over the same period in 2013.

“Net written premium growth was healthy at just above 5 percent quarter over quarter, and underwriting improvements lowered the combined ratio by a point despite sizable severe storm losses,” says David Long, Chairman and CEO of Liberty Mutual Insurance. “In short, we continue to improve underwriting results and grow where we can do so profitably.”

Liberty Mutual also reported revenue for the three months ended June 30 of $9.9 billion, an increase of $299 million or 3.1 percent over the same period in 2013. Revenue for the six months ended June 30, 2014 was $19.6 billion, an increase of $993 million or 5.3 percent over the same period in 2013.

Liberty Mutual also disclosed these second quarter financial results:

  • Pre-tax operating income for the three months ended June 30, 2014 was $544 million, a decrease of $38 million or 6.5 percent from the same period in 2013.
  • Limited partnership and limited liability company income for the three months ended June 30, 2014 was $118 million, a decrease of $102 million or 46.4 percent from the same period in 2013.
  • Pre-tax gain associated with the Venezuela devaluation and foreign exchange under hyper inflationary accounting (including other-than-temporary impairments) was $91 million in 2014 compared to a pre-tax gain of $78 million in the same period in 2013.
  • Cash flow from operations for the three months ended June 30, 2014 was $1.2 billion, an increase of $35 million or 3.1 percent over the same period in 2013.

 

See also:

AIG puts in solid second quarter performance

Axa first-half profit rose 22%, led by life, savings

In wake of Q2 division earnings, Genworth draws scrutiny

 

The top producers of the life insurance industry will be gathering in Las Vegas on August 13-15 for networking, education and more! Click here to sign up!