Liberty Mutual Reports 67.4% Net Increase for 2003

Liberty Mutual Group ("LMG") yesterday reported net income of $851.3 million for the twelve months ended 2003, a 67.4% increase over the same period in 2002. "I am very pleased with our overall operating performance in 2003," said Edmund F. Kelly, Liberty Mutual Group Chairman, President and Chief Executive Officer. "The underwriting and balance sheet actions we have taken over the last several years provide us with a solid foundation for future profitable growth." Significant Events -- Acquired Prudential Financial, Inc.'s (NYSE: PRU) U.S. personal lines property and casualty operations b...