(Bloomberg) -- Liberty Mutual Holding Co., the second-largest U.S. property-casualty insurer, posted its worst loss in at least a decade on costs tied to scaling back operations in Venezuela and the declining value of some energy-related investments.
The loss of $427 million compares with a profit of $605 million in the same period last year, Boston-based Liberty Mutual said in a statement on its website Wednesday. The insurer took a $690 million impairment charge on its Venezuelan operations and plans to classify them as discontinued and held for sale, according to the statement.
Losses in Venezuela have been driven by the nation’s soaring inflation and devaluation of the currency, company management said in an August earnings call. Liberty Mutual Chairman and Chief Executive Officer David H. Long said he estimated annual inflation of 140% in June. Venezuela hasn’t published inflation statistics in a year.
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