December 15, 2017

Liberty Mutual Insurance Reports First Quarter 2012 Results

BOSTON, MA – Liberty Mutual Holding Company Inc. and its subsidiaries (collectively“LMHC” or the “Company”) recently reported net income attributable to LMHC of $459 million for the threemonths ended March 31, 2012, an increase of $95 million over the same period in 2011.

“Our first quarter results highlight the progress we have made in terms of core profitability and continued growth,” said David H. Long, President and CEO of Liberty Mutual Insurance. “Our net income of $459 million was up 26% in the quarter reflecting an accelerating commercial lines price trend, excellent noncatastrophepersonal lines results, and fewer international catastrophes. Our growth was strong where wetargeted, with increases of 12% internationally and 9% in domestic personal lines, while U.S. commercial lines contracted an acceptable 1%. These results, plus our acquisition of KIT Finance Insurance in Russia, have provided an encouraging start to the year.”

First Quarter Highlights

  • Revenues for the three months ended March 31, 2012 were $8.881 billion, an increase of $500 million or 6.0% over the same period in 2011.
  • Net written premium for the three months ended March 31, 2012 was $8.078 billion, an increase of $495 million or 6.5% over the same period in 2011.
  • Pre-tax operating income before private limited partnership (“LP”) and limited liability company (“LLC”) income for the three months ended March 31, 2012 was $456 million, an increase of $219 million or 92.4% over the same period in 2011.
  • Pre-tax operating income for the three months ended March 31, 2012 was $577 million, an increase of $130 million or 29.1% over the same period in 2011.
  • Net income attributable to LMHC for the three months ended March 31, 2012 was $459 million, an increase of $95 million or 26.1% over the same period in 2011.
  • Cash flow from operations for the three months ended March 31, 2012 was $651 million, an increase of $29 million or 4.7% over the same period in 2011.
  • The consolidated combined ratio before catastrophes1 and net incurred losses attributable to prior years for the three months ended March 31, 2012 was 96.0%, a decrease of 0.9 points from the same period in 2011. Including the impact of catastrophes and net incurred losses attributable to prior years, the Company’s combined ratio for the three months ended March 31, 2012 decreased 1.5 points to 100.9%

Financial Condition as of March 31, 2012

  • Total assets were $115.918 billion as of March 31, 2012, a decrease of $1.213 billion from December 31, 2011.
  • Total equity was $18.504 billion as of March 31, 2012, an increase of $640 million over December 31, 2011.

The complete earnings release is available here: Liberty Mutual First Quarter 2012 Results (PDF).

  • RSS
  • Twitter
  • LinkedIn