Liberty Mutual Holding Company and its subsidiaries have reported a second quarter net income of $769 million, against a net loss of $320 million registered in the prior year quarter.
The quarter’s results are said to have benefited from continued strong performance within the company’s investment portfolio, which generated $1.4 billion of pre-tax net investment income.
Underwriting results were also favorable across both businesses, as Liberty Mutual’s combined ratio improved to 98.1% and net written premium grew 10.9% to $10.8 billion.
Meanwhile, revenues for the quarter were up 15.9% to $11.8 billion and total net written premiums increased 10.9% to $10.8 billion.
“In July we announced two strategic transactions that will strengthen and diversify Liberty Mutual’s operations domestically and across the globe,” said Liberty Mutual Chairman and Chief Executive Officer David H. Long.
“The first is our agreement to acquire State Auto Group, which will significantly enhance our presence in the independent agency channel, our U.S. personal lines business, and our position in small commercial.
“The second is our proposed acquisition of Malaysian insurer AmGeneral which is an important step in advancing our strategy and presence in the Asia Market.
The transaction will complement our existing Malaysian operation and positions us as the largest auto insurer and second largest property and casualty insurer in Malaysia.”
