Liberty Mutual reports $219 million Q3 profit
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Liberty Mutual Holding Co. Inc. Thursday reported third-quarter net income of $219 million, compared with a $353 million net loss during the same period last year.
The insurer attributed the positive development to improved underwriting results in its Global Risk Solutions business combined with increased net investment income, which helped “offset continued pressure from inflation and severe weather impacting U.S. personal lines,” President and CEO Tim Sweeney said in a news release.
“Despite these challenges, the underlying combined ratio in U.S. Retail Markets improved 2.4 points, and we continue to take aggressive rate and non-rate actions to return that business to target profitability,” Mr. Sweeney said.
The total combined ratio of 102.6% was an improvement from 106.7% in the third quarter of 2022, and Mr. Sweeney said the insurer remains “focused on continuing to improve underwriting profitability to achieve a 95% target combined ratio.”
Total net written premium was $12.2 million, up from the $11.8 million reported in the prior-year period.
Income from limited partnerships improved to $62 million from a reported $272 million loss during the prior-year quarter.
Net written premium of $35.2 million through the first three quarters was a 1.6% improvement over the $34.6 million reported in the comparable period last year.
Liberty Mutual confirmed late last month that it will lay off 2% of its U.S. workforce, or about 850 people, as part of a multi-year transformation of its business.
