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Catastrophes hit Liberty's bottom line in 2015

Bnamericas Published: Monday, March 07, 2016
Catastrophes hit Liberty's bottom line in 2015

Liberty Mutual Holding reported a 71.7% net income drop last year to US$514mn, the insurer said in a results report.

The fall was due to "higher catastrophe losses, foreign exchange and energy related losses," according to David H. Long, chairman and CEO.

The catastrophes that affected the results included severe storms in the US, UK and Australia, Cyclone Niklas, and a Chile earthquake and floods.

Liberty's net premiums were up 0.6% last year to US$34.5bn.

Fourth quarter net income was down 25.7% from the same period of 2014, while net premiums dropped1.4% from 4Q14.

December saw Liberty put its Venezuelan subsidiary up for sale and then in January it acquired Penta Security in Chile to become the country's biggest P&C insurer.

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