Boston, MA – Liberty Mutual Holding Company Inc. and its subsidiaries (collectively “LMHC” or the “Company”) recently reported net income attributable to LMHC of $612 million and of $414 million for the three and twelve months ended December 31, 2022, versus net income attributable to LMHC of $722 million and $3.068 billion for the same periods in 2021.
“Operating results in the fourth quarter reflected solid progress on underwriting improvement despite continued challenging market conditions in U.S. personal lines and Winter Storm Elliot in late December,” said Tim Sweeney, Liberty Mutual President & Chief Executive Officer.
“Net income attributable to LMHC in the fourth quarter was $612 million, down moderately from $722 million in the prior year reflecting the non-recurrence of extraordinary returns in our limited partnerships portfolio experienced last year.
Pre-tax operating income before limited partnerships was $759 million, up from $352 million in the prior year quarter driven by higher underwriting income and an increase in book yield from the recent rise in interest rates.
Net written premium growth in the quarter was 4.5% driven by the State Auto and AmGeneral acquisitions and firm pricing across most lines of business.
Rate increases continue to accelerate in personal auto and homeowners, and commercial lines pricing has remained strong which combined with other underwriting actions will drive margin improvement despite elevated loss trends.
We’re on the right path heading into 2023 and remain focused on achieving our profitability goals.”
The complete results release is available here: Liberty Mutual Insurance Fourth Quarter and Full Year 2022 Results
Source: Liberty Mutual