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BOSTON—Liberty Mutual Group Inc. saw 2012 first-half revenues rise to $18.04 billion, a 6.5% increase over the same period in 2011, the insurer said Wednesday.
The revenue bump was spurred by a rise in net written premiums, which rose 6.9% to $16.41 billion for the first half. Net income was $598 million for the half, an increase of 223% over the same period last year.
The Boston-based insurer's results were also aided by a drop in catastrophe-related losses, which fell 47% to $972 million in the half. The company's combined ratio for the half improved to 103.4% compared with 107.5% for the prior-year period.
The company also posted gains on a quarterly basis, with revenue growing 7% to $9.16 billion and net written premiums growing 8.2% to $8.34 billion.
Liberty Mutual Insurance President and CEO David H. Long said the company's achievements in the first half included significant debt restructuring and expansion of operations in Russia and India.
“Second-quarter premium growth of 8% was driven by continued momentum in U.S. personal lines, rate increases in U.S. commercial lines, and robust international results despite significant strengthening of the dollar,” Mr. Long said in a statement. “Additionally our profitability improved significantly in the quarter despite catastrophe losses continuing to run at an elevated level.”