Liberty Mutual posts Q3 profit of $892 million

Liberty Mutual Holding Company Inc. Thursday reported third-quarter net income of $892 million, up from $219 million for the year-earlier period.

The results reflect “strong underwriting performance in both our U.S. retail markets and Global Risk Solutions businesses, as well as solid investment results,” Liberty Mutual President and CEO Tim Sweeney said in a statement.

The results included a 4-point improvement to 88.1% in the underlying combined ratio. The total combined ratio, including catastrophes and prior-year development, was 96.7%, a 5.9-point improvement over the year-earlier period.

Pretax net catastrophe losses for the quarter rose 2.1% to $1.1 billion, including $458 million from Hurricane Helene.

“Investment results in the quarter were strong, driven by higher fixed-income yields and favorable private-equity valuations, which contributed to $1.2 billion of pre-tax net investment income,” Mr. Sweeney said. “Overall, we remain focused on achieving our 95% target combined ratio in 2025 as the foundation for sustained, profitable growth.”