Liberty Mutual Holding Company (LMHC) has reported net income of $448m for the second quarter of 2013, with an increase of $309m, compared to the same period last fiscal.

For the quarter period ended on 30 June 2013, its revenues stood at $9.82bn, with an increase of 7.3% compared to $9.15bn during the corresponding period earlier year.

Commenting on the financial result, Liberty Mutual Insurance chairman and CEO David Long said, "Underwriting results continue to improve through the first six months, as evidenced by a decrease of 3.5 points in combined ratio to 99.9%."

"The improvement highlights our commitment to disciplined underwriting and profitable growth, a strategy that we intend to continue."

Net written premium (NWP) was $8.89bn, an increase of $558m or 6.7%, while pre-tax operating income before LP and LLC income increased to $374m, over the same period in 2012.

Boston-based LMHC, the parent corporation of the Liberty Mutual Insurance group of entities, operates as a diversified global insurer and third largest property and casualty insurer in the US.