Liberty Mutual’s net income climbs 157% in Q2’25 on underwriting & investment gains

Liberty Mutual Holding Company has reported Q2 2025 net income of $1.85 billion, up considerably from the $717 million disclosed in Q2 2024, driven by more disciplined underwriting and an excellent investment performance.

Liberty Mutual’s Q2 2025 net written premium and total revenue declined to $11.2 billion and $12.5 billion, respectively, but the insurer benefited from lower catastrophe losses of $808 million, down sharply from $1.7 billion in Q2 2024.

With this in mind, the firm’s combined ratio was also better in Q2 2025, coming in at 87.2% compared to 99.6% in the same quarter of 2024.

Tim Sweeney, Liberty Mutual Chairman & Chief Executive Officer, commented, “We delivered strong second quarter results, with net income attributable to Liberty Mutual Holding Company of $1.8 billion driven by disciplined underwriting and excellent investment performance.

“Our combined ratio improved by 12.4 points to 87.2%, reflecting the impact of our underwriting actions and strategic choices made over the past two years.

“These results demonstrate meaningful progress toward our 95% combined ratio target and create confidence in our path to sustainable, profitable growth.”

For the first six months of 2025, Liberty Mutual’s net income stood at $2.87 billion, up from $2.25 billion compared with the same period of 2024.

Meanwhile, in H1 2025, Liberty Mutual’s net written premium and revenue fell 1.8% and 1.1%, respectively, while catastrophe losses rose to approximately $2.6 billion, driven by a costly Q1, where losses jumped 121% year-over-year.

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