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Liberty Mutual Holding Co. reported fourth quarter 2024 net income of $1.2 billion – a nearly 90% increase over the same period the prior year.

Boston-based Liberty Mutual’s total combined ratio of 91.5 for the fourth quarter was the lowest in 20 years, according to CEO Tim Sweeney.

For the full year 2024, the combined ratio came in at 95.9, which is very close to the insurer’s goal of a 95 combined ratio in 2025. Sweeney said “underwriting and expense discipline in both US Retail Markets and Global Risk Solutions” bolstered the improvement. LMHC finished 2023 with a combined ratio of 102.7.

Net income for full year 2024 was about $4.4 billion compared to $213 million for 2023. Catastrophe losses for the year were down 17% to about $3.9 billion. Liberty Mutual said losses related to the January wildfires in California are estimated to be $1.2 billion, pretax.

Sweeny in a statement said the company is “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,” he added.

Net written premiums in U.S. Retail Markets, consisting of U.S. personal and small commercial lines, fell 5.2% to about $6.7 billion in Q4, and fell 5.3% for the full year to about $28.3 billion. NWP in Global Risk Solutions, the company’s mid-to-large commercial and specialty insurance, surety, and reinsurance operations, dropped 10.5% for Q4 to about $3.8 billion.

Earlier this week Liberty Mutual announced it was doing away with the Safeco brand and all of its personal lines products will be sold under the Liberty Mutual name.

Tyler Asher, Liberty Mutual chief distribution and marketing officer of U.S. Retail Markets, said this week that the move will “fully harness the Liberty Mutual brand value for all of our customers, agents and partners, across all distribution channels.”

Topics Profit Loss