Liberty Mutual Holding Company reported net income attributable to the company of $1.845 billion for the second quarter of 2025, up from $717 million during the same period in 2024.
For the first six months of the year, net income rose to $2.87 billion from $2.252 billion in the prior-year period.
Second-quarter pre-tax income reached $2.351 billion, a 149% increase from $944 million a year earlier. For the half-year, pre-tax income grew 76.6% to $3.695 billion.
Consolidated net income from continuing operations stood at $1.85 billion for the quarter and $2.879 billion for the six months, compared to $712 million and $1.59 billion, respectively, in 2024.
Revenues for the second quarter were $12.499 billion, down 2.3% year over year. First-half revenues declined 1.1% to $24.985 billion. Pre-tax operating income before limited partnerships income grew to $2.1 billion for the quarter from $678 million a year earlier.
For the six months, it rose to $3.186 billion from $1.786 billion. Income from limited partnerships totaled $410 million for the quarter and $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 $1.03 billion from $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 $717 million in net income after a $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 $808 million in the second quarter. For the six-month period, catastrophe losses were $2.629 billion, up slightly from $2.569 billion. Net incurred losses attributable to prior years – excluding asbestos and environmental liabilities – added $241 million in Q2 and $437 million in the first half.
Total net written premium (NWP) declined 1.9% in the second quarter to $11.212 billion and 1.8% in the first half to $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 $6.909 billion and 7.1% in the half-year to $12.97 billion. Global Risk Solutions (GRS) NWP increased 5.6% in the quarter to $4.29 billion and 6.6% for the six-month period to $8.995 billion. The Corporate and Other segment recorded $13 million in Q2 NWP and $6 million for the half-year.
Cash flow from continuing operations rose 24.8% in the quarter to $1.765 billion but declined 4.8% over the six-month period to $2.204 billion.
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