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Liberty Mutual Holding Co. reported a third-quarter net profit of $219 millions on Thursday, which is a significant improvement over the $353 million loss it suffered a year earlier during this time.
“Solid underwriting results in our Global Risk Solutions business and the tailwind from rising net investment income helped offset continued pressure from inflation and severe weather impacting US personal lines,” said Tim Sweeney, Liberty Mutual CEO, in a statement.
Global Risk Solutions’ net written premiums for the third quarter decreased by 3.4% compared to last year, reaching $4.2 billion. US Retail Markets NWP increase 0.8% to about $8 billion as Liberty Mutual continues “to take aggressive rate and non-rate actions to return that business to target profitability,” Sweeney added.
Boston-based Liberty Mutual’s total combined ratio for Q3 was 102.6, down from 106.7 a year ago. Catastrophes totaling $1.1 Billion added 9.6 percentage points to the Q3 combined ratio. The combined ratio increased by 1.7 points after a $192 million increase in loss reserves. Sweeney stated that Liberty Mutual’s target for combined ratio is 95.
Liberty Mutual’s net loss for the first nine months in 2023 was $441 millions, compared with a loss of only $198,000,000 dollars during 2022. Liberty Mutual suffered a loss of $650m in the first six months of 2023.
Late last month Liberty Mutual confirmed layoffs of about 850 workers, or 2% of its workforce, in the U.S. Employees in Liberty’s Retail Markets and Global Risk Solutions business units, as well as technology and other corporate groups will be affected.
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