Liberty Mutual Group has reported a net income of $425 million billion for the fourth quarter ended December 31, 2007, a decrease of $30 million for the comparable quarter in 2006.
Liberty Mutual Group’s revenues for the fourth quarter were $6.93 billion, an increase of $926 million over the same period in 2006. The company has posted a net income of $1.52 billion for the year ended December 31, 2007, a decline of $108 million from the corresponding period in 2006. The company’s revenues for the period improved by $2.44 billion over $25.96 billion reported for same period in 2006. The company’s total assets were $94.68 billion as of December 31, 2007, an increase of $9.18 billion over December 31, 2006.
Edmund Kelly, chairman, president and CEO of Liberty Mutual, said: We are pleased with the fourth quarter’s result and all of 2007 with revenue of nearly $26 billion. Our strategy of being the most diversified property and casualty company in terms of products, distribution channels, and geographic footprint works and our consolidated worldwide growth far exceeds that of our major competitors. Our earnings and cash flow were also very strong and reflect our diversification and commitment to maintaining a very strong balance sheet.