Liberty Mutual reports first-quarter net income fell 31 percent, impacted by the devaluation of Venezuela's currency and premium declines primarily in Workers' Compensation.
The Boston-based company reports a $141 million drop in net income to $318 million. The combined ratio improved 2.6 points to 98.3 thanks to overall premium increases and light catastrophe losses.
Speaking during a conference call yesterday, CEO David H. Long notes the company is shedding poorly-performing accounts on rate increases while keeping retentions in the mid-80s and growing new business. He says premium growth came in the personal and global specialty lines where rates rose more than 6 percent.
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