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Home / Insurance / Liberty Mutual shows higher Q3 results, net depreciated premium

Liberty Mutual shows higher Q3 results, net depreciated premium



Liberty Mutual Holding Co. Inc. and its subsidiaries reported $ 397 million in third-quarter earnings on Thursday, up from $ 272 million the year before.

Liberty Mutual Chairman and CEO David Long said in a statement that the 46% increase over the same period last year "despite increased disaster losses."

Written net premium amounted to $ 10.710 billion, an increase of $ 385 million or 3.7% compared to the third quarter of 2019.

The Group's total pre-disaster ratio, COVID-19, net losses attributable to previous years and current accident year estimate was 93.6%, a decrease of 1.3 percentage points from the same period in 2019.

Including these effects, the total ratio was 1

04%, an increase of 1.5 points compared with the previous year.

Net realized profits for the third quarter were $ 219 million, an increase of $ 138 million or 170%.

Ironshore Inc .:'s acquisition and integration costs for the third quarter were $ 5 million, an increase of $ 1 million from the previous year.

Restructuring costs for the third quarter were $ 28 million, an increase of $ 25 million over the same period in 2019.

Net income for the first nine months was $ 596 million, down from $ 1.338 billion during the same period last year.

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