Liberty Mutual Holding Company reports Q2 2014 net income attributable to the company of $393 million — a $55 million decrease compared to the same period in 2013.
Chairman/CEO David Long said during a conference call though that the decrease was not due insurance operating income but rather a decrease in limited partnership and limited liability company income.
“All in all it was a pretty uneventful quarter, which isn't necessarily a bad thing in our business,” said Long.
Personal lines continues to grow, Long added. The company reports net written premium for auto increased 5.6% to $3.2 billion, while homeowners increased 18.5% to 1.5 billion. Long said he is “confident” the company will move from No. 6 to No. 5 on the list of top personal-lines writers in the U.S.
Commercial-lines net written premiums increased 3%, while net written premiums company-wide increased 5.2% to $9.2 billion.
Liberty Mutual's combined ratio in the quarter was 100.4, a one-point improvement. Excluding catastrophes, the combined ratio was 92.2, a 0.9-point improvement. Excluding cats and losses attributed to the prior year, the combined ratio was 91.2, a 2.3-point improvement.
“In short, we continue to improve underwriting results and grow where we can do so profitably,” Long said in a statement.
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