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Liberty Mutual Nets $28M In Q1

May 5, 2009 | Reprints | Unlock Link | Print

Boston-based insurer Liberty Mutual Group has reported net income of $28 million for the three months ended March 31, a decrease of $332 million from the same period in 2008.

Revenues in the quarter were $7.4 billion, an increase of $521 million or 7.6 percent over the same period in 2008.

"Core operating results reflect our continued focus on profitability over growth. However, we felt the negative impact of the capital markets this quarter through lower values on our private equity portfolio," said Edmund F. Kelly, chairman, president and CEO of Liberty Mutual Group Inc. "Our recent acquisition of Safeco is reflected in both revenue growth and improved underwriting results and the integration continues to meet our expectations."

Insurance