Boston-based Liberty Mutual Group has reported $1.02 billion in net income in 2009, a decrease of $90 million or 8.1 percent from 2008.

For the three months ended Dec. 31, 2009, the company reported net income of $456 million, an increase of $9 million from the same period in 2008.

"Our fourth quarter and full year results reflect continued strength of our core businesses in challenging economic and competitive environments," said Edmund F. Kelly, chairman, president and CEO of Liberty Mutual Group Inc. "We will uphold our commitment to disciplined underwriting and reserving in order to maintain balance sheet strength."

Revenues for the three months ended Dec. 31, 2009 were $7.9 billion, a decrease of $209 million or 2.6 percent from the same period in 2008.

In 2009, revenues were $31.09 billion, an increase of $2.2 billion or 7.8 percent in 2008.

Total assets were $109.48 billion as of Dec. 31, 2009, an increase of $5.44 billion from 2008.