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Liberty Mutual - Principled: 2014 Annual Review - Financial Highlights <br />Financials <br />Page 1 of 3 <br />Liberty Mutu <br />INSURANCE <br />(Dollars in millions) December 31 <br />2014 <br />2013 <br />Liberty Mutual Insurance Group, <br />Revenues <br />$39,631 <br />$38,398 <br />Pre -tax operating income <br />2,970 <br />2,466 <br />Net income2 <br />1,833 <br />1,743 <br />Cash flows from operations <br />1,237 <br />4,157 <br />Combined ratio3 <br />97.5% <br />99.7% <br />Personal Insurance <br />Revenues $16,124 $14,869 <br />Pre -tax operating income 1,674 1,331 <br />Cash flows from operations 2,364 1,894 <br />Combined ratio 92.1% 93.9% <br />Commercial Insurance, <br />Revenues $11,116 $11,308 <br />Pre -tax operating income 1,040 752 <br />Cash flows from operations 837 813 <br />Combined ratio 99.8% 104.1% <br />Liberty International, <br />Revenues $6,124 $6,054 <br />Pre -tax operating income 393 403 <br />Cash flows from operations 638 860 <br />Combined ratio= 102.4% 103.4% <br />http:// libertymutualcommunications .com /AnnualReview /2014 /financials.php 4/1/2015 <br />