Despite higher catastrophe costs, Liberty Mutual Holding Co. Inc. and its subsidiaries reported net income of $276 million for the three months ended March 31, 2015, an increase of $11 million or 4.2 percent over the same period in 2014. According to the company, underwriting results were also strong, with a combined ratio of 97.1 (an improvement of 2.4 points over last year’s first quarter) and net written premium was $9.399 billion, an increase of 7 percent. Revenues for the three months were $9.680 billion, an increase of $18 million or 0.2 percent over the same period in 2014. Net operating income was $426 million, a decrease of $126 million or 22.8 percent from last year’s first quarter.
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