The loss of $427 million compares with a profit of $605 million in the same period last year for Liberty Mutual.

(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.

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