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Liberty Mutual reports significantly higher profits despite cat losses



Liberty Mutual Holding Co. On Thursday, Inc. reported net profit for the first quarter of $ 856 million, an increase of 64.7% compared to the first quarter of last year, as strong investment results offset higher catastrophic losses.

The Boston-based insurer's net premium increased by 3.6% to $ 10.4 billion, increasing primarily from its Global Retail Markets business, improving the net premium by 5.2% to $ 6.85 billion. billion and renewal rates increased by 12% due to "persistent pricing momentum" in commercial lines, said David Long, Liberty Mutual's chairman and CEO, in a statement. to disaster losses. The total value for the Global Retail Markets segment decreased to 1

00.5% from 93.6%, while the total share for the Global Risk Solutions segment improved by 1.2 points to 99.3%.

"Disaster losses during the quarter were $ 1 billion, an increase of $ 734 million from the previous quarter, including $ 690 million from the winter storms in February, which affected Texas and other states," Long said. an increased level of disaster losses, and we are pleased with the progress we are making towards important business goals. "

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