Liberty Mutual Holding Company Inc. reported a significant increase in net income for the fiscal year 2024, reaching $4.4 billion, driven by higher revenue and strong financial performance.
The company’s revenue for the year rose by 1.6% year-over-year, totaling $50.2 billion. President and CEO Tim Sweeney noted that despite challenges, including the recent California wildfires, Liberty Mutual’s financial stability enabled it to effectively support policyholders impacted by these events.
Sweeney also highlighted the company’s disciplined approach to underwriting and operational efficiency, which contributed to a combined ratio of 91.5% in the fourth quarter—the best result in 20 years. The company remains on track to achieve its target combined ratio of 95% by 2025, with improvements across both US Retail Markets and Global Risk Solutions.
Looking ahead, Liberty Mutual is focused on selective growth opportunities, having met its profitability targets in key areas.
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