Liberty Mutual saw net written premiums increase by 5.3% and catastrophe losses decline by 88% in 2013's fourth quarter, leading to net income attributable to the company of $496 million, compared to a $234 million net loss for the same period the year before.
Catastrophe losses for the period dropped to $102 million, compared to $855 million in 2012's fourth quarter. Liberty Mutual's combined ratio dropped to 100.4, a 12.5 point improvement.
For the year, Liberty Mutual reports net income attributable to the company of $1.7 billion, compared to $829 million in 2012.
Chairman and CEO David H. Long says in a statement, “2013 operating results showed marked improvement as we continued to grow selectively and improve underwriting profitability.”
He adds, “Our personal-lines business grew 11%, among the highest in the industry, while our commercial business focused on reducing exposures in certain lines and strengthening underwriting across the board.”
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