Liberty Mutual Holding Co. Inc. on Thursday reported first-quarter internet earnings of $856 million, up 64.7% from final 12 months’s first quarter, as robust funding outcomes offset greater disaster losses.
The Boston-based insurer’s internet written premium grew 3.6% to $10.4 billion, with the rise coming primarily from its World Retail Markets enterprise, which improved its internet premium by 5.2% to $6.85 billion.
Within the World Threat Options enterprise, internet written premium elevated 1% to $3.6 billion and renewal charges grew 12% resulting from “sustained pricing momentum” in industrial traces, David Lengthy, Liberty Mutual’s chairman and CEO, mentioned in an announcement.
The insurer’s general mixed ratio worsened by 5.2 factors to 101.5%, largely resulting from disaster losses. The mixed ratio for the World Retail Markets phase worsened to 100.5% from 93.6%, whereas the mixed ratio for the World Threat Options phase improved by 1.2 factors to 99.3%.
“Disaster losses within the quarter had been $1 billion, up $734 million from the prior-year quarter, together with $690 million from the February winter storms, which impacted Texas and different states,” Mr. Lengthy mentioned. “General, it was a powerful quarter regardless of an elevated degree of disaster losses, and we’re happy with the progress we’re making towards key enterprise targets.”