Boston, MA – Liberty Mutual Holding Company Inc. and its subsidiaries recently reported net income attributable to LMHC of $219 million and loss of $441 million for the three and nine months ended September 30, 2023, versus net loss attributable to LMHC of $353 million and $198 million for the same periods in 2022.
“For the third quarter, we reported net income attributable to LMHC of $219 million,” said Tim Sweeney, Liberty Mutual President & Chief Executive Officer.
“Solid underwriting results in our Global Risk Solutions business and the tailwind from rising net investment income helped offset continued pressure from inflation and severe weather impacting US personal lines. Despite these challenges, the underlying combined ratio in US Retail Markets improved 2.4 points and we continue to take aggressive rate and non-rate actions to return that business to target profitability. Global Risk Solutions continues to make progress toward its targets, with an improvement in the underlying combined ratio of 2.2 points compared to the prior year quarter. We remain focused on continuing to improve underwriting profitability to achieve a 95% target combined ratio.”
The complete results release is available here: Liberty Mutual Insurance Third Quarter 2023 Results (PDF)
Source: Liberty Mutual