Liberty Mutual Holding Company Inc.’s 2018 net income has rebounded in a big way over the previous year, thanks in part to fewer natural catastrophes and the sale of a division.
Net income for Q2 and the first six months of 2018 reached $981 million and $1.6 billion, respectively, versus $126 million and $477 million, respectively in Q2 and H1 2017.
Liberty Mutual Chairman and CEO David Long attributed the gains, in part, to improvements in core underwriting results, investments and an after-tax gain of $464 million connected to the sale of Liberty Life Assurance of Boston.
As well, the combined ratio landed at 97.9, a nearly 5-point improvement from the same period in 2017 as global catastrophes returned back to more normal historical levels.
Here are some result highlights:
Source: Liberty Mutual