Liberty Mutual posts bumper profits in Q1
Liberty Mutual enjoyed a bullish start to the year posting a 42.4 percent increase in its net income in the first quarter of 2016.
The insurance firm reported a net income of $393 million for the first quarter of 2016, compared with $276 million in the first quarter of 2015.
Its net written premiums for the three months ended March 31, 2016, also increased to $8.9 billion, an increase of $46 million or 0.5 percent over the same period in 2015.
Pre-tax operating income before partnerships, limited liability companies and other equity method income (loss) for the three months ended March 31, 2016 was $614 million, an increase of $69 million or 12.7 percent over the same period in 2015.
Net realised losses for the three months ended March 31, 2016 were slightly up, however, to $39 million, versus gains of $37 million in the same period in 2015.
Including the impact of catastrophes and net incurred losses attributable to prior years, the company’s combined ratio for the three months ended March 31, 2016 improved by 0.8 points to 96.3 percent.
