Liberty Mutual Holding Company and its subsidiaries (LMHC) have reported their results for the three and nine months ended September 30, 2023, posting a net income attributable to LMHC of $219 million and loss of $441 million for Q3’23 & 9M’23, compared to net loss’ attributable to LMHC of $353 million and $198 million for the same periods in 2022.
Net written premium (NWP) for Q3 was $12.16 billion, compared to last year’s $11.85 billion, while NWP for 9M’23 was $35.15 billion, compared to $34.62 billion from 9M’22.
LMHC saw a 4.4% rise in revenues in Q3 as it increased to $12.56 billion from last year’s $12.03 billion.
In addition, catastrophe losses in Q3 was $1.11 billion, compared to $1.39 billion from the same period last year. Cat losses for 9M’23 stand at $4.45 billion, compared to $3.16 billion in 9M’22.
LMHC’s combined ratio for the third quarter of 2023 stood at 102.6%, a 4.1 difference from last year’s 106.7%. Combined ratio for 9M’23 was 105.4%, compared to 103.6% in 9M’22.
“For the third quarter, we reported net income attributable to LMHC of $219 million,” said Tim Sweeney, Liberty Mutual President & Chief Executive Officer.
“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. Despite these challenges, the underlying combined ratio in US Retail Markets improved 2.4 points and we continue to take aggressive rate and non-rate actions to return that business to target profitability.”
“Global Risk Solutions continues to make progress toward its targets, with an improvement in the underlying combined ratio of 2.2 points compared to the prior year quarter. We remain focused on continuing to improve underwriting profitability to achieve a 95% target combined ratio.”
