Liberty Mutual Group Thursday reported a 35.4 percent decrease in second-quarter net income as lower capital gains and increased taxes took their toll.
The Boston-based carrier reported net income of $323 million, a decrease of $177 million from the same period in 2005.
The decrease reflects lower realized capital gains and higher federal and foreign income taxes due to the reduction of the domestic deferred tax asset valuation allowance to zero in 2005, the company said.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
