Liberty Mutual net income down 78.2 percent

Liberty Mutual has announced a 78.2 percent drop in profits, from $1,678 million in 2010 to $356 million in 2011.

However total revenues rose by 4.5 percent, from $33,193 million in 2010 to $34,671 million in 2011.

Commenting on the company’s results, David Long, president and chief executive of Liberty Mutual Insurance, said that the company’s net income demonstrated that the company’s core earnings were ‘solid’, and that diversification had ‘served it well.’