Main property and casualty (P&C) insurer Liberty Mutual Holding Firm Inc (Liberty Mutual or LMHC) has unveiled its monetary outcomes for the primary quarter of 2022, reflecting market uncertainties.
For the three months ending March 31, 2022 (Q1 FY22), Liberty Mutual and its subsidiaries noticed a web revenue of $498 million, a $358 million lower from its revenue throughout the identical interval in 2021 (Q1 FY21). Moreover, pre-tax disaster losses within the quarter have been $656 million, down from $1.0 billion in Q1 FY21, which partially offset the weaker funding outcomes.
Liberty Mutual chairman and CEO David H. Lengthy defined that the drop in earnings throughout Q1 FY22 displays average returns within the firm’s restricted partnership portfolio in comparison with the distinctive returns it skilled in 2021, in addition to $144 million of web realized losses ensuing from latest market volatility.
“We’re navigating the market uncertainties introduced on by macroeconomic and geopolitical headwinds and proceed to make progress on strategic priorities,” Lengthy stated.
On the brilliant aspect, LMHC noticed an 11.2% improve in web written premium (NWP) from $10,401 million in Q1 FY21 to $11,567 million in Q1 FY22. It additionally reported a 0.5% improve in income from $11,815 million in Q1 FY21 to $11,874 million in Q1 FY22.
Furthermore, LMHC efficiently acquired State Auto Group, a super-regional P&C insurance coverage firm based mostly in Columbus, Ohio, in March 2022 – additional strengthening its market place within the US private and small business strains and making it the second-largest service within the impartial agent channel.