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.