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Liberty Mutual logs lower net income YOY in Q2

Liberty Mutual Holding Co. Inc.'s second-quarter net income attributable to the company fell to $399 million from $981 million in the year-ago period.

Consolidated net income from continuing operations for the quarter came in at $399 million, down from $509 million in the prior-year period.

"We witnessed unusual volatility resulting from $82 million of Typhoon Jebi development and higher-than-expected noncatastrophe loss activity, including adverse trends in liability lines consistent with industrywide results," Liberty Mutual Chairman and CEO David Long said in a news release.

Combined ratio before catastrophes, net incurred losses attributable to prior years and current accident year re-estimation came in at 93.9% in the quarter, up 1.6 points from the year-ago period. Including the impact of catastrophes, net incurred losses attributable to prior years and current accident year re-estimation, the total combined ratio for the three months ended June 30 was 101.2%, an increase of 3.3 points over the year-ago period.

Net written premiums for the quarter decreased 0.3% year over year to $10.04 billion.