Global insurer Liberty Mutual has recorded net income of $US272 million ($293 million) for the first quarter, down 14.5% on the corresponding period last year.

Catastrophe losses increased 119.4% to $US487 million ($525 million), while the company took a net loss of $US77 million ($83 million) due to the sale of its Argentinian operations.

Revenue for the quarter increased 7.7% to $US9.66 billion ($10.41 billion) and the combined operating ratio moved to 99.6% from 98.1%.

Liberty Mutual Insurance Chairman and CEO David Long says the results reflect the “continued improved profitability of our core businesses”.

“Growth remained healthy, with net written premium increasing 8% in local currencies, or 4% after the impact of foreign exchange,” he said. “We are encouraged by the further improvement of our underwriting margins.”