Liberty Mutual posts Q4 net income of $162mn

US primary insurer Liberty Mutual has reported a fourth quarter net income of $162 million, up from the $301 million loss posted in the prior year period.

Net written premiums during Q4 topped $10.095 billion, an increase of $344 million over the same period in 2019.

The consolidated combined ratio before catastrophes and COVID-19 was 92.8%, a decrease of 4.5%.

Meanwhile, net realized gains for the period were $415 million, an increase of $365 million over Q4 2019.

“Throughout 2020, in the face of challenging economic conditions, an ongoing pandemic, an increased awareness of systemic racial injustice, and a rapidly evolving insurance risk landscape, our employees remained focused and our business proved resilient,” said Liberty Mutual Chairman and Chief Executive Officer David H. Long.

“Despite COVID-19 losses, prior year reserve strengthening, and the one-time charge from our early retirement offer, the Company ended the year with $758 million of net income, driven by favorable core underwriting results and strong investment performance.

“We made progress on our key objectives, highlighted by personal lines PIF growth of over 6.5%, a core combined ratio improvement in the year of 5.7 points to 95.4% in Global Risk Solutions, and strong results from our investment portfolio which contributed almost $3.4 billion of pre-tax income in the year.

“Within Global Risk Solutions, renewal rate increases were 15% for the full year as the market continues to be receptive to the need for rate amidst elevated loss trends. We look to continue this momentum in 2021 and will continue to focus on our key objectives of growth in GRM, profitability in GRS, and diligent expense management.”

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