Liberty Mutual Holding Company (LMHC) has announced its financial results for the second quarter of 2026, reporting net income of $2.634 billion and an improved combined ratio of 86.4%.
For the first half of 2026, the global re/insurer reported net income of $4.686 billion, as well as an improved combined ratio of 87.3% for H1 2026.
Comparably, the company saw income of $1.845 billion and $2.870 billion for Q2 and H1 2025, respectively. For Q2 2025, LMHC saw a 87.2% combined ratio, and for H1 2025 it was 91.9%.
Total revenue in Q2 2026 was $13.251 billion, up 6% compared to Q2 2025. For H1 2026, revenue was up 4.2%, to $26.025 billion, compared to H1 2025.
LMHC also reported total net written premiums of $11.088 billion in Q2 2026, down 1.1% compared to the same period last year.
Performance varied across business lines, with US Retail Markets (USRM) NWP falling 4.1% year to year, to $6.627 billion, while Global Risk Solutions (GRS) NWP increased 3.5% in Q2 2026 to $4.439 billion, when compared to the same period last year.
Underlying pre-tax operating income (PTOI, before limited partnerships income) declined 2% to $2.613 billion in Q2 2026, with catastrophe losses contributing $455 million, falling 43.7% compared to Q2 2025.
Cash flow operations were up 6.9% in Q2 2026, to $1.886 billion, when compared to the same period the year prior.
For Q2 2026, combined ratio improved 0.8 points, with an underwriting expense ratio of 31.9%, underlying combined ratio of 84.5%, and a 4.2% contribution from catastrophe losses.
H1 2026 combined ratio improved 4.6 points, with an underwriting expense ratio of 31%, underlying combined ratio of 84.3%, and catastrophe losses contributing 4.7%.
Commenting on LMHC’s recent financial results, Tim Sweeney, Liberty Mutual Chairman & Chief Executive Officer, said: “Liberty Mutual delivered excellent second quarter results and a strong first half of 2026, with net income attributable to LMHC of $4.7 billion and a consolidated combined ratio of 87.3% year to date.
“We continued to build momentum across all three of our businesses, with strong underwriting profitability in USRM, selective growth and disciplined execution in GRS, and exceptional investment results from LMI across both traditional and alternative assets. With the strongest balance sheet in our history, we are well positioned to pursue profitable growth, and to serve our policyholders with the financial strength and flexibility required over the long term.”
