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Liberty Mutual reports 84.6% increase in Q1 profit

Liberty Mutual reports 84.6% increase in Q1 profit

Boston-based Liberty Mutual Holding Co. Inc. on Wednesday reported first-quarter net income of $648 million, up $297 million or 84.6% over the same period in 2017, due to a sharp decrease in catastrophe claims and strong investment results.

Net written premium for the quarter was $9.43 billion, up $746 million or 8.6% over a year ago, Liberty Mutual said in a statement. The combined ratio for the quarter improved to 99%, down 2.8 points from the prior-year quarter.

David H. Long, Liberty Mutual chairman and CEO, said in a statement that the results were driven by a milder catastrophe quarter and continued strong investment results. He also said that Liberty Mutual had finalized the $3.3 billion sale of Liberty Life Assurance Co. of Boston on May 1.

“The transaction will provide us an opportunity to fully focus on property and casualty insurance going forward," Mr. Long said.







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