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Liberty Mutual Holding Company Inc. <br />Consolidated Statements of Income <br />(dollars in millions) <br />Revenues <br />Premiums earned $ 30,119 $ 28,699 $ 27,791 <br />Net investment income 3,523 3,328 2,482 <br />Fee and other revenues 871 764 736 <br />Net realized gains 158 402 26 <br />Total revenues 34,671 33,193 31,035 <br />Claims, Benefits and Expenses <br />Benefits, claims and claim adjustment expenses 24,205 20,984 20,169 <br />Insurance operating costs and expenses 4,623 4,490 4,336 <br />Amortization of deferred policy acquisition costs 4,811 4,757 4,692 <br />Interest expense 439 456 483 <br />Interest credited to policyholders 186 185 204 <br />Total claims, benefits and expenses 34,264 30,872 29,884 <br />(Loss) gain on extinguishment of debt (110) 59 <br />Income before income tax (benefit) expense and non - controlling interest 297 2,321 1,210 <br />Income tax (benefit) expense (71) 637 187 <br />Consolidated net income 368 1,684 1,023 <br />Less: Net income attributable to non - controlling interest 3 6 <br />Net income attributable to Liberty Mutual Holding Company, Inc. $ 365 $ 1,678 $ 1,023 <br />Net Realized Gains <br />Other - than - temporary impairment losses: 2011 2010 2009 <br />Total other - than - temporary impairment losses $ (70) $ (55) $ (244) <br />Change in portion of loss recognized in other comprehensive income (9) (1) 13 <br />Other- than - temporary impairment losses (79) (56) (231) <br />Other net realized gains 237 458 257 <br />Net realized gains $ 158 $ 402 $ 26 <br />See accompanying notes to the audited consolidated financial statements. <br />Years Ended December 31, <br />2011 2010 2009 <br />