Liberty Mutual Holding Company Inc., (LMHC) and its subsidiaries have posted a net income attributable to LMHC of $1.535 billion for the first quarter of 2024.
The reported Q1 net income compares to a net loss attributable to LMHC of $74 million that was posted in the same period last year.
Net written premium (NPW) for the first quarter sat at $10.96 billion, a 1.8% decrease from $11.16 billion from the prior year quarter.
Moreover, LMHC also saw a 4.6% rise in revenues in Q124, climbing to $12.46 billion from last year’s $11.93 billion.
In addition, LMHC’s combined ratio for the quarter sat at 95.8%, an improvement from 104.2% that the firm posted last year.
Tim Sweeney, Liberty Mutual President & Chief Executive Officer, commented: “For the first quarter, we reported net income attributable to LMHC of $1.5 billion driven by strong core underwriting results and a $663 million after-tax benefit from the gain on the sale of our GRM West Operations.
“Underwriting results continue to improve, with a 2.8 point improvement in the underlying loss ratio to 62.1% for the first quarter driven by rate execution and other underwriting actions. Catastrophe losses were in line with expectations for the quarter and improved 2.3 points from the prior year. In total, the loss ratio improved 5.9 points to 69.5%.
“Our US Retail Markets segment saw 5.2 points of improvement in the underlying loss ratio compared to the prior year driven by targeted rate actions continuing to earn in and favorable frequency trends. Despite higher current year large loss activity, Global Risk Solutions total combined ratio improved 3.9 points from the prior year to 94.2%. Our ongoing expense management program drove a 2.5 point reduction in the consolidated expense ratio to 26.3%.
“Overall, it was a strong quarter and we are pleased with the solid progress we continue to make on profit improvement as we march towards our 95% combined ratio target in 2025.”
