Liberty Mutual profit surges despite higher cat losses

Liberty Mutual Holding Co. Inc. reported a jump in third-quarter profit and revenue as improved investment results and higher pricing boosted the insurer’s results.

Profit rose 81.6% to $721 million, Liberty Mutual reported Thursday. Pretax catastrophe losses for the quarter were $1.2 billion, compared with $980 million in the same period last year, with losses related to Hurricane Ida totaling $812 million.

Net written premium increased 6.5% to $11.41 billion. Its large account business reported an 11.3% increase in premium, driven by rate increases and exposure growth, the insurer said in a statement.

Its income from equity investments more than doubled to $1 billion in the quarter.

The insurer’s combined ratio deteriorated slightly to 104.4%, compared with 103.6% in the year-earlier period.

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