Liberty Mutual's net income hits $4.4b in FY 2024

For the year, revenue increased by 1.6% YoY to $50.2b.

Liberty Mutual Holding Company Inc.’s fiscal year 2024 (FY 2024) consolidated net income surged to $4.4b, amidst higher revenue.

President and CEO Tim Sweeney acknowledged the impact of recent California wildfires and emphasised the company’s commitment to supporting affected policyholders. 

For the year, revenue increased by 1.6% YoY to $50.2b.

He highlighted Liberty Mutual’s strong financial position, which enables it to respond effectively to such events.  

Sweeney noted that disciplined underwriting and operational execution contributed to a fourth-quarter combined ratio of 91.5%, the lowest in 20 years. 

The company is on track to meet its target of a 95% combined ratio in 2025, with improvements across both US Retail Markets and Global Risk Solutions. 

With profitability targets met in key areas, Liberty Mutual plans to focus on selective growth opportunities.