Liberty Mutual reports Q3 2025 results

Liberty Mutual  reported third-quarter net income of $2.2 billion, up from $892 million a year ago, reflecting a 12-point improvement in the combined ratio to 84.7%. Year-to-date net income reached $5.1 billion, compared to $3.1 billion for the same period in 2024.

The improvement was driven by favorable frequency trends in U.S. personal lines and fewer catastrophe losses, along with solid investment results supported by higher reinvestment rates and private equity performance.

Net written premium (NWP) declined 8.2% year-over-year to $11.0 billion for the quarter and 4.1% year-to-date to $33.0 billion. U.S. Retail Markets fell 6.5% in Q3, while Global Risk Solutions dipped 3.4%, reflecting disciplined underwriting and currency effects.

“We delivered exceptional third quarter results, with net income attributable to LMHC of $2.2 billion and a consolidated combined ratio of 84.7%, reflecting strong underwriting and investment performance. Our combined ratio improved 12.0 points year-over-year, underpinned by favorable frequency trends in U.S. personal lines and lower catastrophe losses across both insurance businesses. Investment results remained strong, benefiting from higher reinvestment rates and robust performance in private assets, particularly private equity. As our underwriting actions take hold, we will remain disciplined in pursuing profitable growth.” – CEO Tim Sweeney.