Boston-based Liberty Mutual Group reported worldwide revenues of $14.5 billion for 2002, up from $13 billion in 2001, with positive cash flow from operations totaling $1.6 billion. Pre-tax income was $593 million in 2002, an increase of nearly $2.3 billion over 2001. Policyholders’ equity increased $562 million to $6.4 billion in 2002, while consolidated assets totaled $56 billion at year-end.
Liberty Mutual Group is a private writer of workers’ compensation insurance, products and services in the United States.
“Liberty Mutual’s focus in 2002 on the fundamentals of our property and casualty business brought significant growth and improvement in revenue, earnings, cash flow and financial strength,” Edmund Kelly, Liberty Mutual Group chairman, president and CEO said during the company’s annual meeting in Boston.
“Our improved financial performance was broad-based, as our four major business units serving Personal, Commercial, International and Regional Agency customers performed well in 2002 and are among the leaders in each of their markets,” Kelly continued. “Liberty Mutual is well positioned for long-term growth and sustained profitability. We have a firm basis upon which to provide policyholders with quality coverage and services while carrying forward our mission to help people live safer, more secure lives.”
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