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1. <br />Liberty Mutual Holding Company Inc. <br />Consolidated Statements of Income <br />(dollazs in millions) <br /> Yeats Ended December 31, <br /> 2006 2005 2004 <br />Revenues <br />Premiums earned $ 19,867 $ 17,631 $ 16,563 <br />Net investment income 2,548 2,247 2,102 <br />Net realized investment gains 343 523 312 <br />Fee and other revenues 762 760 664 <br />Total revenues 23,520 21,16] 19,641 <br />- Claims, Benefits and Expenses <br />Benefits, claims and claim adjustment expenses 14,609 14,272 13,084 <br />Insurance operating costs and expenses 3,425 2,912 2,666 <br />Amortization of deferred policy acquisition costs 2,827 2,480 2,349 <br />Ocher expenses 401 367 323 <br />Total claims, benefits and expenses 2],262 20,031 ]8,422 <br /> <br />Income from continuing operations before income tax expense 2,258 1,130 1,219 <br />Federal and Eoreign income tax expense 632 91 - <br /> <br />Income from continuing operations before extraordinary loss <br />and discontinued operations 1,626 1,039 1,279 <br />Extraordinary loss, net of tax - - (3) <br />Discontinued operations, net of tax - (12) 29 <br /> <br />Net income $ 1,626 $ 1,027 $ 1,245 <br />See accompanying notes to the audited consolidated financial statements. <br />