Liberty Mutual Group has reported revenues of $7.94bn for the fourth quarter of 2009, a decrease of 2.6% compared to $8.15bn for the same period last year.
The company’s net premiums written for the quarter were $7.11bn, an increase of 11.5% compared to $61.9bn for the same period last year. Operating income for the quarter was $488m, a decrease of 7% compared to $525m for the same period in 2008.
For the fourth quarter ended December 31, 2009, the company posted net income of $456m, an increase of 2% compared to $447m for the same period last year.
For the full year 2009, the company has reported revenues of $31.09bn, an increase of 7.8% compared to $28.85bn in 2008. Operating income decreased 25.2% to $1.18bn from $1.58bn in 2008. Net income in 2009 was $1.02bn, a decrease of 8.1% compared to $1.11bn in 2008.
Edmund Kelly, chairman, president and CEO of Liberty Mutual Group, said: “Our fourth quarter and full year results reflect continued strength of our core businesses in challenging economic and competitive environments. We will uphold our commitment to disciplined underwriting and reserving in order to maintain balance sheet strength.”