Financial Highlights

Liberty Mutual Insurance Group
Revenues $34,671 $33,193 $31,035
Pre-tax operating income 249 1,919 1,125
Net income 365 1,678 1,023
Cash flows from operations 2,101 2,761 2,487
Combined ratio 107.4% 101.2% 99.9%
Personal Markets
Revenues $8,046 $7,502 $7,001
Pre-tax operating income 328 673 654
Cash flows from operations 646 1,134 1,012
Combined ratio 100.7% 95.7% 94.8%
Commercial Markets
Revenues $6,382 $6,331 $6,607
Pre-tax operating income 88 278 425
Cash flows from operations 537 469 671
Combined ratio 117.0% 110.9% 106.1%
Liberty Mutual Agency Corporation (LMAC)
Revenues $11,410 $11,687 $10,937
Pre-tax operating income 97 1,007 1,455
Cash flows from operations 322 1,113 951
Combined ratio 105.5% 97.6% 93.6%
Liberty International
Revenues $8,566 $7,928 $7,589
Pre-tax operating income 290 740 480
Cash flows from operations 1,305 1,240 1,328
Combined ratio 103.8% 99.8% 100.6%
Other*
Revenues $267 ($255) ($1,099)
Pre-tax operating income (554) (779) (1,889)
Cash flows from operations (709) (1,195) (1,475)

Liberty Mutual Insurance Group results include all significant business units of the Company. Each business unit is reported in accordance with U.S. Generally Accepted Accounting Principles.

* Other includes discontinued operations (including asbestos and environmental), interest expense, internal reinsurance programs, net investment income after allocations to business units, certain expenses not allocated to the business units, income (loss) related to limited partnership and limited liability company investments (excluding LMAC), other revenues from corporate subsidiaries, and federal and foreign tax payments.