Liberty Mutual posts higher first quarter

BOSTON—Liberty Mutual Group Inc. reported net income of $350 million for the first quarter of 2007, a 19.9% increase compared with the same period a year ago.

Revenues increased 12.8% to $6.14 billion and net premiums written for the quarter increased 7.1%, to $5.69 billion.

Boston-based Liberty Mutual reported a 101.1% combined ratio for the quarter vs. a 100.1% combined ratio for the comparable year-earlier period.

Statutory surplus totaled $13.28 billion, a 31.6% increase from the comparable total for 2006's first quarter.