Liberty Mutual Insurance Reports Third Quarter 2024 Results

Liberty Mutual Holding Company Inc. and its subsidiaries (collectively “LMHC” or the “Company”) reported net income attributable to LMHC of $892 million and $3.144 billion for the three and nine months ended September 30, 2024, versus income of $219 million and a net loss attributable to LMHC of $441 million for the same periods in 2023.

“For the third quarter, we reported net income attributable to LMHC of $892 million, reflecting strong underwriting performance in both our US Retail Markets and Global Risk Solutions businesses as well as solid investment results,” said Tim Sweeney, Liberty Mutual President & Chief Executive Officer. “Our targeted underwriting strategies continue to drive strong financial results, with a 4.0-point improvement in the underlying combined ratio to 88.1%. The total combined ratio, including catastrophes and prior year development, was 96.7% for the quarter, a 5.9-point reduction over prior year. We continue to make particularly significant progress in US Retail Markets, where our total combined ratio dropped 13.8 points to 94.9%, as earned rate, underwriting actions and improved frequency trends positively impacted the underlying loss ratio, which improved 10.2 points from prior year. Catastrophe losses remained elevated, with consolidated pre-tax net catastrophe losses in the quarter of $1.1 billion including $458 million from Hurricane Helene. Investment results in the quarter were strong, driven by higher fixed income yields and favorable private equity valuations, which contributed to $1.2 billion of pre-tax net investment income. Overall, we remain focused on achieving our 95% target combined ratio in 2025 as the foundation for sustained, profitable growth.”

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