Liberty Mutual Holding Company Inc. and its subsidiaries (collectively, LMHC) reported net income attributable to LMHC of $2.067 billion for the third quarter of 2026, a 7% decrease from $2.223 billion in the same period a year prior.
For the quarter, total net written premiums amounted to $10.737 billion, down 2.8% from $11.043 billion in Q3 2025.
By business, US Retail Markets (USRM) reported a 5.6% drop in NWP to $6.724 billion from $7.123 billion, while Global Risk Solutions (GRS) NWP increased slightly to $4.003 billion from $3.995 billion.
LMHC’s total revenues increased 1.2% to $12.879 billion from $12.722 billion.
Underlying pre-tax operating income (PTOI) before limited partnerships income stood at $1.901 billion, down 13.6% from $2.199 billion.
Total catastrophe losses in the quarter increased to $585 million from $114 million.
LMHC generated a total combined ratio of 89.5%, up 4.8 points from 84.7% a year prior. The underlying combined ratio was 91.9%, up from 87.4%.
Catastrophe losses contributed 5.3 points to the combined ratio, versus 1.0 points last year. The underwriting expense ratio rose to 35.4% from 31.4%.
Tim Sweeney, Liberty Mutual Chairman & Chief Executive Officer, said, “Liberty Mutual delivered another excellent quarter, generating $2.1 billion in net income and an 89.5% combined ratio. Year-to-date net income increased 32.6% to $6.8 billion, while our combined ratio improved 1.4 points to 88.1%, reflecting the strength of our underwriting and investment performance.
“In service of our policyholders, and with the strongest capital position in our history, we will remain disciplined and pursue profitable growth amid changing market dynamics across our insurance and investments businesses.”
