Boston, MA – Liberty Mutual Holding Company Inc. and its subsidiaries (collectively “LMHC” or the “Company”) recently reported net loss attributable to LMHC of $74 million for the three months ended March 31, 2023, versus net income attributable to LMHC of $498 million for the same period in 2022.
“For the first quarter, we reported net losses attributable to LMHC of $74 million, primarily due to elevated catastrophe losses largely driven by severe weather storms across the Midwest,” said Tim Sweeney, Liberty Mutual President & Chief Executive Officer.
“Excluding catastrophes, inflation continues to weigh on underlying personal lines results as parts, materials, and labor costs have remained high.
“Given this elevated loss trend environment, we have continued pushing for rate and have achieved premium renewal rate increases of 12.8% in U.S. Personal Lines over the last 12 months.
“Also in the quarter, our Global Risk Solutions business demonstrated progress toward our previously stated combined ratio targets with a total combined ratio of 97.5%, a 2.2-point improvement from the first quarter 2022.”
The complete results documents are available here: Liberty Mutual Insurance First Quarter 2023 Results