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Liberty Mutual Holding Co. Inc. on Wednesday reported first-quarter net income of $403 million, a 48.2% increase over the first quarter of last year.
In the 2015 period, the insurer's net income was dragged down by discontinued operations in Venezuela, it said in a statement.
First-quarter revenue was $9.36 billion, an increase of 1% over the prior-year quarter.
Net written premiums of $8.77 billion increased 0.5% from first-quarter 2015 net written premiums that were restated due to the discontinued Venezuelan operations, a Liberty Mutual spokesman said.
The mutual insurer's combined ratio improved to 96.3% during the first quarter of 2016 from 97.1% during the first quarter last year.
Catastrophe losses for the quarter reached $550 million, a 10.9% increase over the same period in 2015, due largely to severe storms in the United States and Cyclone Winston, which hit Fiji in February.
Liberty Mutual Insurance Co. could soon offer insurance and claims services on an unbundled basis, allowing large policyholders more flexibility and, potentially, lower claims handling costs.