Liberty Mutual Holding Company Inc. and its subsidiaries (collectively “LMHC” or the “Company”) reported net income attributable to LMHC of $654 million and $213 million for the three and twelve months ended December 31, 2023, versus net income attributable to LMHC of $612 million and $414 million for the same periods in 2022.
“We had a strong finish to the year with net income attributable to LMHC of $654 million for the fourth quarter,” said Tim Sweeney, Liberty Mutual President & Chief Executive Officer. “We continue to make progress toward our 95% combined ratio target by the end of 2025, with 4.7 points of improvement in our underlying combined ratio and 2.3 points of improvement in our total combined ratio from the prior year quarter. We made particularly strong progress in US Retail Markets, where our underlying combined ratio improved by 7.4 points and total combined ratio dropped 6.6 points, as accelerating earned rate and targeted underwriting actions positively impacted the loss ratio. Despite higher loss activity in the quarter, Global Risk Solutions drove 3.7 points of improvement in total combined ratio from full year 2022, driven by lower catastrophe losses and rate actions. Expense efficiencies are also a key part of our profit improvement plan, and I am pleased to report that we achieved $360 million in run-rate expense savings from actions taken in 2023. Looking ahead to 2024 and beyond, we will continue to focus on our profit improvement program, working to build upon the solid progress we have made to date.”
The tables below outline highlights of LMHC’s consolidated financial results for the three and twelve months ended December 31, 2023.
