Liberty Mutual Insurance Reports Fourth Quarter and Full Year 2024 Results

BOSTON, Massachusetts, March 6 -- Liberty Mutual Insurance Group issued the following news release:

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Liberty Mutual Insurance Reports Fourth Quarter and Full Year 2024 Results

BOSTON, Mass., March 5, 2025 - Liberty Mutual Holding Company Inc. and its subsidiaries (collectively "LMHC" or the "Company") reported net income attributable to LMHC of $1.239 billion and $4.383 billion for the three and twelve months ended December 31, 2024, versus income of $654 million and $213 million for the same periods in 2023.

"I'd like to first acknowledge the devastating wildfires that have impacted so many California communities. Our claims professionals are on the ground working tirelessly to support our policyholders during this challenging time," said Tim Sweeney, Liberty Mutual President & Chief Executive Officer. "Our extremely strong financial position enables us to effectively respond to these events and provide the reassurance and resources our customers need to recover. Turning to our 2024 financial performance, I am pleased to report that we achieved net income attributable to Liberty Mutual Holding Company of $1.2 billion in the fourth quarter. Our disciplined underwriting and operational execution have driven significant improvements, resulting in a combined ratio of 91.5% for the quarter, our lowest in 20 years. We are making remarkable progress toward our goal of achieving a 95% combined ratio in 2025, driven by underwriting and expense discipline in both US Retail Markets and Global Risk Solutions. This progress sets a solid foundation for future success, and we are committed to maintaining this discipline as we now seek to grow in select segments. We are now in a position to pursue profitable growth in the areas where we have achieved target profitability."

The tables below outline highlights of LMHC's consolidated financial results for the three and twelve months ended December 31, 2024.

Table: Net Written Premium ("NWP") by Business

Consolidated NWP by business was as follows

Table: Consolidated Results of Operations

Table: Combined Ratio

Table: Equity

Subsequent Events

On March 2, 2025, the Company announced the agreement to sell its operations in Thailand and Vietnam to Chubb Limited. The Thailand transaction is expected to close by the second quarter of 2025 and the Vietnam transaction is expected to close in 2026, subject to certain closing conditions and regulatory approvals.

There were a series of severe wildfires that impacted areas of Southern California in January 2025. The Company's preliminary pre-tax estimate of catastrophe losses relating to these California wildfires is $1.2 billion. The preliminary amount includes estimated assessments from the California FAIR Plan and reinsurance recoveries net of reinstatement premium. These values do not consider any subrogation. The catastrophe losses will be recorded in the Company's Q1 2025 financial statements.

Management has assessed material subsequent events through March 5, 2025, the date the financial statements were available to be issued.

Financial Information

The Company's financial results, management's discussion and analysis of operating results and financial condition, accompanying financial statements and other supplemental financial information for the three and twelve months ended December 31, 2024 are available on the Company's Investor Relations website at www.libertymutualgroup.com/investors.

Conference Call Information

On March 6, 2025, at 10:00 a.m. Eastern Time, Tim Sweeney, Liberty Mutual Insurance President and CEO, will host a conference call to discuss the Company's fourth quarter financial results. To participate in the event via telephone and to ask a question, please dial 844-481-2837 and request to join into the Liberty Mutual Insurance call. To listen to the call online via PC and view a presentation on financial performance, please log into https://event.choruscall.com/mediaframe/webcast.html?webcastid=imANTA4n. Following the call, a recording of the event will be available on the Investor Relations section of Liberty Mutual's website, www.libertymutualgroup.com/investors.

About Liberty Mutual Insurance

At Liberty Mutual, we believe progress happens when people feel secure. By providing protection for the unexpected and delivering it with care, we help people embrace today and confidently pursue tomorrow.

In business since 1912, and headquartered in Boston, today we are the eighth largest global property and casualty insurer based on 2023 gross written premium. We also rank 87th on the Fortune 100 list of largest corporations in the US based on 2023 revenue. As of December 31, 2024, we had $50.2 billion in annual consolidated revenue.

We employ over 40,000 people in 29 countries and economies around the world. We offer a wide range of insurance products and services, including personal automobile, homeowners, specialty lines, reinsurance, commercial multipleperil, workers compensation, commercial automobile, general liability, surety, and commercial property.

For more information, visit www.libertymutualinsurance.com.

Cautionary Statement Regarding Forward Looking Statements

This report contains forward looking statements that are intended to enhance the reader's ability to assess the future financial and business performance of the Company. Forward looking statements include, but are not limited to, statements that represent the Company's beliefs concerning future operations, strategies, financial results, investment market fluctuations, or other developments, and contain words and phrases such as "may," "expects," "should," "believes," "anticipates," "estimates," "intends" or similar expressions. Because these forward-looking statements are based on estimates and assumptions that are subject to significant business, economic and competitive uncertainties, many of which are beyond the Company's control or are subject to change, actual results could be materially different.

Contact:

Investor Relations

Robert Pietsch

857-224-6655

Media Relations

Rich Angevine

617-833-0926

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Original text here: https://www.libertymutualgroup.com/about-lm/news/documents/q4-2024-earnings-release.pdf