PDF Liberty Mutual Holding Company Inc. First Quarter 2019 ...

Liberty Mutual Holding Company Inc. First Quarter 2019

Consolidated Financial Statements

Liberty Mutual Holding Company Inc.

Consolidated Statements of Income

(dollars in millions)

(Unaudited)

Revenues Premiums earned Net investment income Fee and other revenues Net realized gains

Total revenues

Claims, Benefits and Expenses Benefits, claims and claim adjustment expenses Operating costs and expenses Amortization of deferred policy acquisition costs Interest expense Interest credited to policyholders

Total claims, benefits and expenses Ironshore acquisition & integration costs Restructuring costs Unit linked life insurance Income from continuing operations before income tax expense and non-controlling interest Income tax expense Consolidated net income from continuing operations Discontinued operations (net of income tax benefit (expense) of $13 and $(16) for the three

months ended March 31, 2019 and 2018, respectively) Consolidated net income Less: Net income attributable to non-controlling interest Net income attributable to Liberty Mutual Holding Company Inc.

Net Realized Gains Other-than-temporary impairment losses Other net realized (losses) gains Valuation changes on equity investments, derivatives, other

Total net realized gains

See accompanying notes to the unaudited consolidated financial statements.

Three Months Ended

March 31,

2019

2018

$ 9,534 567 316 250

10,667

$

9,250

619

266

155

10,290

6,449 1,757 1,346

110 10 9,672

(6)

(2)

(61) 926

205 721

6,346 1,769 1,283

111 17 9,526

(14)

(3)

747

157 590

(50)

59

671

649

-

1

$

671 $

648

2019

$

(20)

(49)

319

$

250

2018

$

(9)

164

-

$

155

1

Liberty Mutual Holding Company Inc. Consolidated Statements of Comprehensive Income (Loss)

(dollars in millions) (Unaudited)

Consolidated net income

Other comprehensive income (loss), net of taxes: Unrealized gains (losses) on securities Reclassification adjustment for losses included in consolidated net income Foreign currency translation and other adjustments

Other comprehensive income (loss), net of taxes

Comprehensive income (loss)

See accompanying notes to the unaudited consolidated financial statements.

Three Months Ended March 31,

2019 $ 671

2018 $ 649

940

2 67 1,009 $ 1,680

(946)

12 86 (848) $ (199)

2

Liberty Mutual Holding Company Inc. Consolidated Balance Sheets (dollars in millions) (Unaudited)

Assets: Investments

Fixed maturities, available for sale, at fair value (amortized cost of $59,206 and $57,960) Equity securities, at fair value Short-term investments Commercial mortgage loans Other investments

Total investments

Cash and cash equivalents Premium and other receivables Accounts receivable Reinsurance recoverables Deferred income taxes Deferred acquisition costs Goodwill Prepaid reinsurance premiums Other assets

Total assets

Liabilities: Unpaid claims and claim adjustment expenses and future policy benefits:

Property and casualty Life Other policyholder funds and benefits payable Unearned premiums Funds held under reinsurance treaties Long-term debt Accrued postretirement and pension benefits Payable for investments purchased and loaned Other liabilities

Total liabilities

Equity: Unassigned equity Accumulated other comprehensive loss

Total policyholders' equity Non-controlling interest

Total equity

Total liabilities and equity

March 31, 2019

December 31, 2018

$

60,086

$

57,706

3,238

3,511

388

416

1,933

1,731

6,463

6,437

72,108

69,801

6,046

5,466

13,342

12,828

4,543

4,368

15,213

15,145

418

745

3,434

3,397

5,579

5,584

1,741

1,454

7,300

7,201

$

129,724

$

125,989

$

58,830

$

58,594

1,969

1,954

15

19

21,515

21,081

451

425

8,178

8,233

3,518

3,545

3,649

2,228

9,157

9,148

107,282

105,227

24,584 (2,169) 22,415

27 22,442

24,114 (3,379) 20,735

27 20,762

$

129,724

$

125,989

See accompanying notes to the unaudited consolidated financial statements.

3

Liberty Mutual Holding Company Inc. Consolidated Statements of Changes in Total Equity

(dollars in millions) (Unaudited)

Balance at beginning of the year Comprehensive income (loss):

Consolidated net income Other comprehensive income (loss), net of taxes Total comprehensive income (loss) Balance at end of the period See accompanying notes to the unaudited consolidated financial statements.

Three Months Ended March 31,

2019

2018

$ 20,762 $ 20,688

671 1,009 1,680

$ 22,442

649 (848) (199)

$ 20,489

4

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