Personal-lines auto produced a combined ratio of 99 for the year, with the company getting rate increases of more than 6 percent. Long noted that 2012 was the first time the company sold more than 1 million new auto policies in the United States.

Turning to homeowners, Long said the line managed rate increases of up to 10 percent, but added that the insurance industry continues to underprice the segment.

“We are managing the business assuming that the new, elevated level of catastrophe and severe storm losses will be with us for a while,” said Long.

Commercial insurance is showing signs of improvement, he said, but the combined ratio of 106.5 is “far from where we need to be.” While premiums continue to increase, Long said Liberty's underwriters are walking away from business if they cannot get the rate they feel the business needs.

During a conference call with financial analysts, Long stepped further away from his predecessor's plans to present a public offering, saying that the entity created in 2010 was no longer in place.

“We actually moved the pieces around this year, so what was formally LMAC no longer exists,” said Long.

Former CEO Edmund “Ted” Kelly previously put the brakes on plans to take Liberty Mutual Agency Corp. public because of market unpredictability. In his first conference call with analysts as CEO in 2011, Long said he had no plans to take the company public.

When asked to confirm if the company had no plans for a future IPO, CFO Dennis J. Langwell said, “We don't comment on capital plans, but it's probably pretty safe to assume now.”