Liberty Mutual has reported a net income of $4.383 billion for 2024, up considerably from the $213 million recorded in 2023.
Meanwhile, the firm’s total net written premium for 2024 was $44.963 billion, with Liberty Mutual’s US Retail Markets segment contributing $28.279 billion and its Global Risk Solutions segment adding $16.416 billion.
Liberty Mutual reported a total revenue of $50.218 billion for 2024, reflecting a 1.6% increase from the previous year, while catastrophe losses declined significantly, falling 17% year-over-year to $3.89 billion.
With this in mind, Liberty Mutual’s total 2024 combined ratio was 95.9%, down from 102.7% in 2023.
The firm also recorded $683 million in net incurred losses attributable to prior years but benefited from a $1.266 billion boost in limited partnership income.
As mentioned, Liberty Mutual’s net income was $4.383 billion in 2024, up $213 million in 2023. For Q4 alone, net income was $1.239 billion, another vast improvement over Q4 2023.
Tim Sweeney, Liberty Mutual President & Chief Executive Officer, commented, “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.”
Liberty Mutual provided a preliminary pre-tax estimate of catastrophe losses related to the California wildfires, placing the figure at $1.2 billion. This amount will be recorded in the company’s Q1 2025 financial statements.
According to the firm, the estimate includes projected assessments from the California FAIR Plan and reinsurance recoveries, net of reinstatement premium.
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