Liberty Mutual Profits Dip After Tax Amortization

Liberty Mutual Group on Wednesday reported a 26.3% dip in net income in the first quarter, taking in $104 million less than the same period last year. Liberty said quarterly results include a $112 million increase in federal and foreign income taxes over the same period in 2005 as a result of the amortization of the domestic valuation allowance, which offset the federal and foreign income tax expense in the prior period. "I am pleased with our financial results in the quarter," said Edmund F. Kelly, Liberty Mutual chairman, president and chief executive officer. "Revenue growth reflects hig...