Liberty Mutual's net income grows 84.5%

BOSTON—Liberty Mutual Group Inc.’s net income for the first six months of 2010 grew 84.5% from the same period in 2009 to $535 million, the insurance group reported Thursday.

Revenues for the same period grew 6.7% to $16.26 billion, and net written premiums increased 4% to $14.49 billion.

But net income for the second quarter of this year dropped 17.9% to $220 million from the prior-year period. Revenues for the three months that ended June 30 increased 3% to $8.07 billion, while net written premiums rose 5.5% to $7.28 billion.

“We turned in another quarter of solid earnings during a period of significant natural catastrophe activity,” said Edmund F. Kelly, Liberty Mutual’s chairman and CEO, in a statement accompanying the financial results. “Our operating results reflect the benefits of our diversified and global operating model, and our commitment to disciplined underwriting and reserving in order to maintain balance sheet strength.”