Liberty Mutual Posts $1.5B Net Income for Q1, Reversing Loss

Liberty Mutual Holding Company on Thursday reported first quarter 2024 net income of $1.5 billion compared to loss of $74 million during the same period last year.

The combined ratio for the first three months of 2024 improved to 95.8 from 104.2 the prior year as there was a more than 23% drop in catastrophe losses to $824 million. The loss ratio improved 5.9 points to 69.5.

“Overall it was a strong quarter and we are pleased with the solid progress we continue to make on profit improvement as we march toward our 95 combined ratio target in 2025,” said Tim Sweeney, president and CEO.

First quarter net written premiums fell 5.7% to about $6.5 billion in the U.S. retail markets segment (personal and small business lines) as rate actions continue to earn in, Sweeney said. Rates were up 22% at renewal as retention was 76.4%—about flat from the last quarter of 2023. The total combined ratio in retail markets was 95.4 compared to 105.6 in Q1 2023.

The Global Risk Solutions business (reinsurance, specialty, and commercial) saw a 3.7% improvement in NPW to about $4.4 billion. The combined ratio for the segment was down to 94.2 to 98.1 a year ago during the same time.

Topics Profit Loss