US-based Liberty Mutual Insurance has reported net income of $US1.74 billion ($1.94 billion) for last year, up 110% on 2012.

Revenue grew 6% to $US38.51 billion ($42.83 billion) and the combined operating ratio was 99.8%, an improvement of five percentage points on the previous year.

Chairman and CEO David Long says the results show marked improvement, with the company continuing to “grow selectively and improve underwriting profitability”.

Personal lines business grew 11%, while commercial business “focused on reducing exposures in certain lines and strengthening underwriting across the board”.

“We have excellent momentum… and our focus on profitable growth remains unchanged,” Mr Long said.