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Liberty Mutual Holding Company Inc. Thursday reported a third-quarter net loss of $353 million, compared with a $721 million profit in the year-earlier period.
David Long, Liberty Mutual chairman and CEO, attributed the losses to “elevated catastrophe losses and continued investment market volatility.”
“Pre-tax net catastrophe losses in the quarter were $1.4 billion including $835 million from Hurricane Ian,” he said in a statement. “The devastation left behind is a very real reminder of our purpose, and we are focused on supporting our impacted policyholders.”
Mr. Long added that the company’s portfolio produced a pre-tax net loss of $272 million, “reflecting broader equity market declines through June, as these results are reported on a one quarter lag.”
“These headwinds were partially offset by $319 million of prior accident year catastrophe and non-catastrophe reserve releases,” he said.
Liberty Mutual reported $12.62 billion in third-quarter total net written premium, up 10.6% from the year-earlier period.
The insurer’s total combined ratio was 105.4%, compared with 104.4% in last year’s third quarter.