Liberty Mutual Holding Company (LMHC) has reported net income attributable to LMHC of $1.02bn for the first quarter of 2025 (Q1 2025), a decrease of 33.2% from $1.5bn in the same period of 2024.  

The company’s revenues for the quarter remained flat at $12.48bn. 

Its pre-tax operating income rose by 14.7% to $1.4bn for the quarter ended 31 March 2025, from $1.2bn in Q1 2024.  

The total combined ratio stood at 96.6% as of 31 March 2025, compared with 95.8% in the prior year. 

Net written premiums (NWP) decreased by 1.8% to $10.7bn from $10.9bn in Q1 2024.  

The US Retail Markets division contributed $6.06bn to NWP, marking a 7.4% decrease, while the Global Risk Solutions division saw a 7.5% increase to $4.7bn. 

Liberty Mutual chairman and CEO Tim Sweeney said: “For the first quarter, we reported net income attributable to LMHC of $1bn, reflecting improvement in our underlying combined ratio and strong investment results. 

“Overall, we are very pleased with our performance this quarter as we continue to pursue profitable growth and progress toward our 95% combined ratio goal at the end of 2025.” 

In March this year, Liberty Mutual Insurance agreed to sell its operations in Thailand and Vietnam to Chubb. 

Additionally, last month, Liberty Mutual completed the acquisition of JMalucelli Travelers Seguros in Colombia.  

The insurer also plans to consolidate its personal lines products under the Liberty Mutual brand by 2026, phasing out the Safeco Insurance brand, which has been in its portfolio since 2008.  

Liberty Mutual, established in 1912 with its headquarters in Boston, operates with a workforce of more than 40,000 in 28 countries.