Liberty Mutual Insurance has reported net income of $US829 million ($812.65 million) for the year to December, up 131% on $US358 million ($350.9 million) in 2011, despite losses from Superstorm Sandy.

In the December quarter the Boston-based company recorded a net loss of $US234 million ($229.36 million), while revenues for the period grew 7.4% to $US9.62 billion ($9.07 billion).

Annual gross written premium was up 6.7% to $US32.17 billion ($31.52 billion). Investment income was down slightly at $US3.23 billion ($3.16 billion) and fee income grew 15.7% to $US1 billion ($979 million).

Total revenue increased 6.6% to $US36.94 billion ($36.20 billion).

“Net income of $US829 million for the year reflects the continued improvement in our operating results despite elevated levels of catastrophe losses,” CEO and President David Long said.

“Our [December quarter] net loss… was principally driven by a $US576 million ($564.5 million) after-tax loss from Superstorm Sandy.

“I continue to be optimistic about future growth opportunities with the momentum we have to improve profitability going forward.”

Liberty Mutual paid $US24.71 billion ($24.22 billion) in claims in 2012, up 2.3%.

Total catastrophe losses were $US1.86 billion ($1.82 billion), compared with $US2.68 billion ($2.26 billion) in 2011. Total assets grew 2.7% to $US120.06 billion ($117.68 billion).

Liberty Mutual is the third-largest property and casualty insurer in the US.