Investment shift limits pain for Liberty Mutual
Diversified global insurer Liberty Mutual saw a 25% drop in net profit for the year to December 31 compared with 2007, despite a 12% lift in the fourth quarter.
Net profit for Boston USA-based Liberty Mutual last year was $US1.14 billion ($1.74 billion), down from $US762 million ($1.16 billion) in 2007. Fourth-quarter net profit was up $US49 million ($74.9 million) at $US474 million ($724 million).
CEO Edmund Kelly says the group made a prescient decision to substantially exit the public equities investment market.
“Results in the quarter and full year reflect the strength of Liberty’s core businesses, the success of our diversification strategy and our strong investment operation,” he said.
Liberty Mutual reduced its combined ratio for the past year by 0.2 points to 99.9%. This figure includes the impact of hurricanes Gustav and Ike – a net loss of $US871 million ($1.33 billion) and net incurred losses attributable to prior years.
Liberty International Underwriters Australia was unable to discuss local results.
Net profit for Boston USA-based Liberty Mutual last year was $US1.14 billion ($1.74 billion), down from $US762 million ($1.16 billion) in 2007. Fourth-quarter net profit was up $US49 million ($74.9 million) at $US474 million ($724 million).
CEO Edmund Kelly says the group made a prescient decision to substantially exit the public equities investment market.
“Results in the quarter and full year reflect the strength of Liberty’s core businesses, the success of our diversification strategy and our strong investment operation,” he said.
Liberty Mutual reduced its combined ratio for the past year by 0.2 points to 99.9%. This figure includes the impact of hurricanes Gustav and Ike – a net loss of $US871 million ($1.33 billion) and net incurred losses attributable to prior years.
Liberty International Underwriters Australia was unable to discuss local results.