Liberty Mutual increases profits despite winter storms

Liberty Mutual posted a solid set of results in the first quarter of 2015 with its revenues and profits increasing slightly despite severe winter losses and other market pressures.

The company made a net profit of $276 million in the quarter, an increase of $11 million over the same period in 2014. Its revenues for the quarter were $9.680 billion, an increase of $18 million or 0.2% over the same period in 2014.

Catastrophe losses for the three months ended March 31, 2015, were $496 million, an increase of $9 million or 1.8% over the same period in 2014.

The company also noted that pre-tax loss associated with the Venezuela devaluation and foreign exchange under hyperinflationary accounting (including other-than-temporary impairments and foreign exchange losses on certain Venezuela investments) was $163 million in 2015 compared to a pre-tax loss of $274 million in the same period in 2014.

“The first quarter of 2015 resulted in solid net income of $276 million despite severe winter weather and market pressures in the energy sector,” said David Long, chairman and CEO of Liberty Mutual Insurance. “Our underwriting results were strong with a combined ratio of 97.1 percent and net written premium growth of 7.0 percent.”