Liberty Mutual Rebounds From COVID-19 Challenges

August 5, 2021

Liberty Mutual’s 2021 second quarter swung to a profit as the insurer rebounded from challenges it faced last year due to the coronavirus pandemic.

The company reported $769 million in net income for Q2, compared to a $320 million loss over the same period in 2020. The insurer’s combined ratio came in at 98.1, versus 105.2 in the 2020 second quarter.

Liberty Mutual Chairman and CEO David Long said in prepared remarks that the results marked “a considerable improvement,” benefiting from strong investment results and underwriting gains as the impact from COV-19 and the related economic downturn began to fade.

Here are additional result highlights:

Toward the end of the second quarter, Liberty Mutual announced it would acquire fellow mutual insurer State Auto for about $1 billion, as well as Malaysian insurer AmGeneral.

Source: Liberty Mutual