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Liberty Mutual Holding Company Inc. <br />Consolidated Statements of Income <br />(dollars in millions) <br /> Years Ended December 31, <br /> 2009 2008 2007 <br />Revenues <br />Premiums earned $ 27,791 $ 25,524 $ 21,887 <br />Net investment income 2,482 2,880 2,885 <br />Fee and other revenues 795 781 744 <br />Net realized investment gains (losses) 26 (330) 436 <br />Total revenues 31,094 28,855 25,952 <br />Claims, Benefits and Expenses <br />Benefits, claims and claim adjustment expenses 20,188 18,894 16,118 <br />Insurance operating costs and expenses 4,317 4,105 3,863 <br />Amortization of deferred policy acquisition costs 4,692 3,989 3,281 <br />Interest expense 483 411 320 <br />Interest credited to policyholders 204 203 198 <br />Total claims, benefits and expenses 29,884 27,602 23,780 <br />Income before income tax expense 1,210 1,253 2,172 <br />Income tax expense 187 140 671 <br />Net income $ 1,023 $ 1,113 $ 1,501 <br />Net Realized Investment Gains (Losses) <br />Other-than-temporary impairment losses: 2009 2008 2007 <br />Total other-than-temporary impairment losses (Note 1) $ (244) $ (800) $ (47) <br />Change in portion of loss recognized in other comprehensive income 13 - - <br />Other-than-temporary impairment losses (231) (800) (47) <br />Other net realized investment gains 257 470 483 <br />Net realized investment gains (losses) $ 26 $ (330) $ 436 <br />See accompanying notes to the unaudited consolidated financial statements.