Liberty Mutual net income rises in 2006

BOSTON--Liberty Mutual Group reported net income of $1.17 billion for the first three quarters of this year, an increase of $397 million over the same period last year.

The results reflect net income of $556 million during the third quarter of this year, compared with a net loss of $122 million for the same period last year.

In a statement announcing the results, the Boston-based mutual insurer said the increase for both the third quarter and the first nine months "primarily reflects the continuation of strong current accident year underwriting and investment results and lower catastrophe losses."

The company said that year-to-date results include a $668 million decrease in catastrophe losses from the same period in 2005.

In addition, net written premiums for the nine months ending Sept. 30 reached $15.8 billion, an increase of more than 16% over the same period in 2005.