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Liberty Mutual - Principled: 2014 Annual Review - Financial Highlights <br />(Dollars in millions) December 31 <br />Global Specialty <br />Revenues <br />Pre -tax operating income <br />Cash flows from operations <br />Combined ratio <br />Other <br />Revenues <br />Pre -tax operating income <br />Cash flows from operations <br />Page 2 of 3 <br />014 2013 <br />Liberty Mutu <br />$5,183 1NS$Y' LANCE <br />537 508 <br />945 1,115 <br />95.1% 95.4% <br />$1,084 <br />(674) <br />(3,547) <br />Download Complete Financial Statements ty, <br />$1,040 <br />(528) <br />(525) <br />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 <br />Accounting Principles. <br />The Company sold Summit Holdings Southeast, Inc. and its related companies and its Argentina operations in 2014. Revenues, pre -tax operating income and the combined ratio <br />have been restated. <br />Net income represents net Income attributable to Liberty Mutual Holding Company Inc. <br />Combined ratio has been adjusted to exclude the impact of the Venezuela deva'uation and foreign exchange <br />Other includes discontinued operations (including asbestos and environmental and related reinsurance). interest expense; internal reinsurance programs, net investment income <br />after allocations to business units.. certain expenses not allocated to the business units income related to limited partnership and limited liability company investments, other <br />revenues from corporate subsidiaries, and federal and foreign tax payments. <br />Integrity, Dignity + Respect <br />Customer Focused <br />Innovation <br />Talent <br />http:// libertymutualcommunications .com /AnnualReview /2014 /financials.php 4/1/2015 <br />