Liberty Mutual Insurance reported net profit of $2.05 billion in the first quarter of 2026, more than double the $1.03 billion in the same period a year earlier, with a significant decline in catastrophe losses driving significant improvements in underwriting and operating profitability.
In the first quarter of 2026, the insurance company’s consolidated net profit increased 99.7% year-on-year to US$2.06 billion, and net profit excluding unrealized effects increased 81.0% to US$2.07 billion.
Pretax income increased 97.3% to $2.65 billion in the first quarter of 2026, driven by stronger underwriting results and higher limited partnership revenue.
Meanwhile, Liberty Mutual’s pretax operating income excluding limited partnership income nearly doubled to $2.16 billion from $1.09 billion a year ago.
The key driver of the earnings improvement was a sharp decline in catastrophe losses, which fell 68.8% year-over-year to $569 million in the first quarter of 2026, compared with $1.82 billion in the same period in 2025.
With this in mind, Liberty Mutual reported a consolidated combined ratio of 88.2% for the first quarter of 2026, compared with an underlying combined ratio of 84.1%, reflecting the continued strength of the group’s core underwriting business.
Tim Sweeney, the company’s chairman and CEO, commented: “With the strongest balance sheet in our history, we have the financial foundation and discipline to pursue profitable growth in an increasingly competitive market.”
