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Liberty Mutual Holding Company Inc. <br />Consolidated Statements of Changes in Policyholders' Equity <br />(dollars in millions) <br />(unaudited) <br />Balance, January 1, 2008 <br />Cumulative effect of adoption of ASC 715 at January 1, 2008 (Note 1) <br />Comprehensive loss <br />Net income <br />Other comprehensive income, net of taxes: <br />Unrealized losses on securities <br />Less: reclassification adjustment for gains <br />and losses included in net income <br />Change in pension and post retirement plans funded status <br />Foreign currency translation and other adjustments <br />Other comprehensive loss, net of taxes <br />Total comprehensive loss <br />Balance, December 31, 2008 <br />Cumulative effect of adoption of ASC 320 at January 1, 2009 (Note 1) <br />Comprehensive income <br />Net income <br />Other comprehensive income, net of taxes: <br />Unrealized gains on securities <br />Less: reclassification adjustment for gains <br />and losses included in net income <br />Change in pension and post retirement plans funded status <br />Foreign currency translation and other adjustments <br />Other comprehensive income, net of taxes <br />Total comprehensive income <br />Balance, December 31, 2009 <br />Comprehensive income <br />Net income <br />Other comprehensive income, net of taxes: <br />Unrealized gains on securities <br />Less: reclassification adjustment for gains <br />and losses included in net income <br />Change in pension and post retirement plans funded status <br />Foreign currency translation and other adjustments <br />Other comprehensive income, net of taxes <br />Total comprehensive income <br />Balance, December 31, 2010 <br />Accumulated <br />Other <br />Unassigned Comprehensive Policyholders' <br />Equity Income (Loss) Equity <br />$ 11,891 $ 745 12,636 <br />(41) (41) <br />1,113 - 1,113 <br />(2,246) (2,246) <br />215 215 <br />(869) (869) <br />(405) (405) <br />(3,305) (3,305) <br />(2,192) <br />$ 12,963 $ (2,560) $ 10,403 <br />28 (28) - <br />1,023 1,023 <br />2,589 2,589 <br />(17) (17) <br />298 298 <br />- 3,088 3,088 <br />4,111 <br />$ 14,014 $ 500 $ 14,514 <br />1,678 - 1,678 <br />443 443 <br />(261) (261) <br />560 560 <br />786 786 <br />$ 15,692 $ 1,286 $ 16,978 <br />See accompanying notes to the unaudited consolidated financial statements.