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Liberty Mutual posts higher YOY earnings in Q2 as cat losses fall

Liberty Mutual Holding Co. Inc. reported higher earnings in the second quarter thanks in part to lower catastrophe losses and the sale of Liberty Life Assurance of Boston.

Second-quarter net income attributable to the company was $981 million, up from $126 million over the same period in 2017. Liberty Mutual also said that partnerships, limited liability companies and other equity method income boosted net income results, as they rose by nearly 175% year over year to $291 million.

Consolidated net income from continuing operations for the quarter was $509 million, an increase of $434 million from the year-ago period's $75 million.

Catastrophe losses during the quarter declined by more than 28% to $513 million from $716 million a year earlier. The company recorded a total combined ratio of 97.9% in the quarter, down 4.9 points from the year-ago period.

Net written premiums for the quarter were $10.07 billion, up 7.3% year over year.