Liberty Mutual improves Q1 net income by $10M

05/06/2008- Boston Business Journal

Liberty Mutual Group reported Monday net income of $360 million for the three months ended March 31, 2008, an increase of $10 million over the same period in 2007.

Boston-based Liberty saw revenue of $6.885 billion in the first quarter, an increase of $742 million, or 12.1 percent, over the same period in 2007.

"Despite significant competition, higher catastrophe losses and a global credit crisis, our results in the quarter were solid," said Edmund F. Kelly, chairman, president and CEO of Liberty Mutual, in a statement. "Domestic premium growth and profitability were strong, enhanced by our acquisition of Ohio Casualty in 2007 and continued growth in our international operations, including the strength of foreign currencies versus the U.S. dollar. Our investment results were also strong, reflecting minimal exposure to sub-prime mortgages."

Liberty Mutual Group announced on April 23 that it was acquiring publicly traded Safeco Corp. and taking it private in an all-cash $6.2 billion deal to create the nation's fifth-largest property and casualty insurer.