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Liberty Mutual Holding Co. Inc. and its subsidiaries on Thursday reported $274 million in third quarter profits in 2019, a 3.2% drop from the year-ago period, with overall year-to-date profits standing at $1.4 billion, in line with last year’s figures for the year up to Sept. 30.
Liberty Mutual Chairman and CEO David Long acknowledged in a statement that both the third quarter and year-to-date figures remained stable: “The results reflect favorable investment performance offset by increased current accident year loss ratios from the elevated liability loss trends facing the industry.”
“Regarding liability trends, we believe that the current level of rate increases are in excess of loss trends and, subsequent to the quarter, we entered into an adverse development cover to protect against potential future development across several casualty lines,” he said in the statement.
Other third-quarter highlights included:
Liberty Mutual Holding Co. Inc. said Tuesday that net income for the fourth quarter of 2018 was $249 million, up 21.5% over the same period in 2017.