Liberty Mutual Holding Company reported net income attributable to the company of US$1.845 billion for the second quarter of 2025, up from US$717 million during the same period in 2024.
For the first six months of the year, net income rose to US$2.87 billion from US$2.252 billion in the prior-year period.
Second-quarter pre-tax income reached US$2.351 billion, a 149% increase from US$944 million a year earlier. For the half-year, pre-tax income grew 76.6% to US$3.695 billion.
Consolidated net income from continuing operations stood at US$1.85 billion for the quarter and US$2.879 billion for the six months, compared to US$712 million and US$1.59 billion, respectively, in 2024.
Revenues for the second quarter were US$12.499 billion, down 2.3% year over year. First-half revenues declined 1.1% to US$24.985 billion. Pre-tax operating income before limited partnerships income grew to US$2.1 billion for the quarter from US$678 million a year earlier.
For the six months, it rose to US$3.186 billion from US$1.786 billion. Income from limited partnerships totalled US$410 million for the quarter and US$777 million for the half-year.
Liberty Mutual's second-quarter results followed a comparatively lower first quarter in 2025, where net income fell to US$1.03 billion from US$1.54 billion in Q1 2024. The decrease was primarily attributed to the absence of discontinued operations income in 2025.
In the same quarter last year, Liberty Mutual had shown a rebound from earlier losses, reporting US$717 million in net income after a US$585 million loss in Q2 2023.
Chairman and CEO Tim Sweeney (pictured above) said second-quarter results were driven by underwriting discipline and investment performance.
“These results demonstrate meaningful progress toward our 95% combined ratio target and create confidence in our path to sustainable, profitable growth,” Sweeney said.
Catastrophe losses decreased 53.6% year over year to US$808 million in the second quarter. For the six-month period, catastrophe losses were US$2.629 billion, up slightly from US$2.569 billion. Net incurred losses attributable to prior years – excluding asbestos and environmental liabilities – added US$241 million in Q2 and US$437 million in the first half.
Total net written premium (NWP) declined 1.9% in the second quarter to US$11.212 billion and 1.8% in the first half to US$21.971 billion. NWP growth excluding foreign exchange impacts was -1.9% for the quarter and -1.7% for the half-year.
Within business segments, US Retail Markets (USRM) NWP fell 6.8% in Q2 to US$6.909 billion and 7.1% in the half-year to US$12.97 billion. Global Risk Solutions (GRS) NWP increased 5.6% in the quarter to US$4.29 billion and 6.6% for the six-month period to US$8.995 billion. The Corporate and Other segment recorded US$13 million in Q2 NWP and US$6 million for the half-year.
Cash flow from continuing operations rose 24.8% in the quarter to US$1.765 billion but declined 4.8% over the six-month period to US$2.204 billion.
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