Liberty Mutual Group’s Zhejiang Branch Opens for Business

Company Gains Operating Approval from China Insurance Regulatory Commission (CIRC)

BOSTON--(BUSINESS WIRE)--Liberty Mutual Group, through its wholly-owned subsidiary Liberty Insurance Company Limited (LICL), has been granted approval to begin branch operations in Zhejiang by the China Insurance Regulatory Commission (CIRC). Headquartered in Chongqing, LICL received CIRC approval in December 2009 to open a branch in Hangzhou, Zhejiang Province.

“CIRC’s approval of our Zhejiang branch reinforces our reputation as a strong company committed to providing quality insurance in China.”

Liberty Mutual is the first foreign property and casualty company to operate in Zhejiang, a province of over 47 million people located 700 miles south of Beijing on China’s southeastern coast. All three of the company’s operations in China – Chongqing, Beijing and Zhejiang – will offer personal lines products and a wide range of commercial lines products.

“Liberty Mutual’s strategy of being the first insurer to enter markets untapped by foreign companies in China continues to be successful,” said Liberty Mutual Group President David Long. “CIRC’s approval of our Zhejiang branch reinforces our reputation as a strong company committed to providing quality insurance in China.”

Liberty Mutual in China

Liberty Mutual has had a presence in China since 1996 when it opened a Representative Office in Shanghai. In January 2004, the company received approval to open its first insurance office in Chongqing, positioning Liberty Mutual as the first foreign property and casualty insurer with a presence in western China. In September 2007, Liberty Mutual received approval to have its Chongqing operation converted to a wholly owned subsidiary, which it named Liberty Insurance Company Limited. LICL is the only Fortune 500 company subsidiary headquartered in Chongqing.

About Liberty Mutual Group

Boston-based Liberty Mutual Group is a diversified global insurer and fifth largest property and casualty insurer in the U.S. based on 2009 direct written premium. The Company also ranks 71^st on the Fortune 500 list of largest corporations in the U.S. based on 2009 revenue. As of December 31, 2009, Liberty Mutual Group had $109.5 billion in consolidated assets, $95.0 billion in consolidated liabilities, and $31.1 billion in annual consolidated revenue.

Liberty Mutual Group offers a wide range of insurance products and services, including personal automobile, homeowners, workers compensation, commercial multiple peril, commercial automobile, general liability, global specialty, group disability, assumed reinsurance, fire, and surety. Liberty Mutual Group (www.libertymutualgroup.com) employs over 45,000 people in more than 900 offices throughout the world.