Liberty Mutual Group reported 2007 fourth-quarter net income declined by 6.6 compared with the period in 2006.
Net written premium for the quarter totaled $5.579 billion, an increase of $764 million over 2006. This growth was driven by Liberty Mutual's acquisition of Ohio Casualty and growth in international operations, the company said.
The insurer said net income for all of 2007 was $1.518 billion, down 6.6 percent from 2006. The decline was primarily attributed to increased competition in the marketplace, which led to a reduction of rates in most lines of both the commercial and personal markets.
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