Liberty Mutual operating profits drop on cats and FX

Liberty Mutual reported a 20.5 percent drop in net operating income
to $437mn for the fourth quarter as its underwriting results were
impacted by higher catastrophe losses.
The insurer's chairman and CEO David Long also pointed to
foreign exchange movements and energy-related losses as drivers of
the lower fourth quarter operating profits.
The Boston-based insurance giant generated a combined ratio of
95.7 percent, 1.5 points higher than in Q4 2014.
The deterioration included the impact of $289m