Liberty Mutual Holding Co. Inc. on Thursday reported a net loss of $74 million in the first quarter, compared with net income of $498 million in the same period last year.
The loss was “primarily due to elevated catastrophe losses largely driven by severe weather storms across the Midwest,” Tim Sweeney, Liberty Mutual’s president and CEO, said in a statement.
“Barring disasters, inflation continues to weigh on underlying personal earnings as parts, materials and labor costs have remained high,” he said. “Given this elevated loss trend environment, we have continued to push the rate and have achieved renewal rate increases of 12.8% in US personal lines over the past 12 months.”
Liberty Mutual reported $11.89 billion in total net premium income in the first quarter, up 2.8% from the same period in 2022. Its
total combined ratio was 103.2%, compared to 98.9% in last year’s first quarter.
The Boston-based insurer said its Global Risk Solutions business made progress against previously stated combined ratio targets with an overall combined ratio of 97.5%, an improvement of 2.2 basis points from the first quarter of 2022.