Liberty Mutual Holding Co. Inc. and its subsidiaries collectively reported second-quarter net income attributable to the companies of $126 million, up from $15 million in the second quarter of 2016.

Net operating income before partnerships, limited liability companies and other equity method income for the quarter was $54 million, down from $118 million from the same period in 2016. Second-quarter pretax operating income before partnerships, limited liability companies and other equity method income for the quarter was $86 million, down from $173 million in the year-ago period.

The consolidated combined ratio before catastrophes and net incurred losses attributable to prior years was 93.8% for the second quarter, up 1.5 percentage points from the year-ago period. Including the impact of catastrophes and net incurred losses attributable to prior years, the combined ratio rose 1.3 percentage points to 102.7% for the second quarter.

Chairman and CEO David Long said net income climbed year over year as improved investment returns offset the deterioration of combined ratio.

Second-quarter revenues were $10.37 billion, up 10.4% year over year from $9.39 billion. Net written premium for the quarter was $9.91 billion, up 9.9% year over year.