The parent of Liberty Mutual Insurance entities, Liberty Mutual Holding Company, has released preliminary third-quarter 2024 financial estimates, driven by interest in a possible capital markets transaction.
It is estimated that Liberty Mutual’s net written premium for Q3 reached approximately $12 billion, with a cumulative total of $34 billion over the first nine months of the year. The company also expects to report an approximate combined ratio of 97% for both the quarter and year-to-date period ended September 30.
Additionally, net income for the third quarter is anticipated to be around $900 million, contributing to a nine-month total of $3 billion. As of September 30, Liberty Mutual’s total equity is approximately $30 billion, with equity excluding accumulated other comprehensive income estimated at $33 billion.
The company also disclosed preliminary loss estimates tied to Hurricane Helene. Preliminary pre-tax losses from Hurricane Helene are estimated at around $550 million.
Meanwhile, Hurricane Milton’s losses, still under assessment, are expected to range between $250 million and $350 million pre-tax, with these figures to be finalized in the fourth quarter.
The loss estimates combine actual reported claims with model-based projections grounded in broader industry data. Given the recent timing of the hurricanes, the final impact may vary significantly from the initial projections.
“Our sympathies are with those in the areas affected by Hurricane Helene and Hurricane Milton, given the tragic loss of life and destruction of property caused by these catastrophes,” Liberty Mutual stated.
Full details of Liberty Mutual’s financial performance for the third quarter will be published on November 7.
In the second quarter, Liberty Mutual bounced back from a $585 million attributable net loss to $717 million in net income attributable to the group. In the first quarter, the company saw its attributable net income soar to $1.535 billion following a $74 million loss in Q1 2023.
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