Liberty Mutual yesterday reported net income decreasing in the first quarter by 26.3 percent.
The Boston-based insurer reported first-quarter net income of $292 million compared with $396 million in the comparable year ago period.
Results in the quarter include a $112 million increase in federal and foreign income taxes over the same period in 2005 as a result of the amortization of the domestic valuation allowance, which offset the federal and foreign income tax expense in the prior period.
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