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Liberty Mutual Q2 net income rises on lower catastrophe losses
Catastrophe losses fell 44% in the quarter, and the insurer’s six-month combined ratio improved to 87.3%.
Liberty Mutual reported second-quarter net income of $2.63 billion, up 43% from a year earlier, as lower catastrophe losses and stronger investment performance offset modest premium pressure, according to Coverager.
The insurer said its consolidated combined ratio improved to 86.4% from 87.2% a year ago, while the six-month combined ratio improved to 87.3% from 91.9%. Catastrophe losses declined 44% in the quarter and 61% during the first half of the year.
Liberty Mutual reported net written premium decreased 1.1% to $11.1 billion. U.S. Retail Markets premiums fell 4.1% to $6.6 billion, while Global Risk Solutions premiums rose 3.5% to $4.4 billion.
Coverager also reported that investment income boosted earnings, with limited partnership income more than doubling to $850 million in the quarter, helping pre-tax operating income rise nearly 30% to $3.26 billion. Six-month net income attributable to the company reached $4.69 billion, up 63% year over year.