Liberty Mutual Insurance has recorded a net profit of $US318 million ($308 million) for the first quarter, down 30.7% on the corresponding period last year.

The result includes a $US130 million ($126 million) loss from the devaluation of Venezuelan currency, the Boston-based company says.

Revenues grew 3% over the previous quarter to $US9.12 billion ($8.83 billion) and net written premium for the three months was $US8.59 billion ($8.32 billion), up 6.4%.

The combined ratio decreased 2.6 points to 98.3%.

Liberty’s positive results are “masked by the immediate impact of the Venezuelan currency devaluation”, which will be “substantially offset” over the rest of the year, CEO David Long says.

“Our decision to grow where we can do so profitably and to raise prices or contract in under-performing lines is gaining traction.”