Liberty China to post strong premium growth from 2026 to 2027

S&P expects the insurer to maintain a modest but sufficient capital position.

Liberty China is expected to record strong premium growth from 2026 to 2027 as it expands in commercial and specialty segments, according to S&P Global Ratings. 

The insurer is implementing Liberty Mutual Group’s One Liberty initiative to integrate retail and commercial operations on a single platform, whilst focusing on cost control and tighter underwriting standards.

S&P expects the insurer to maintain a modest but sufficient capital position to support expansion, backed by an equity commitment of up to $200m from its US-based parent. 

Liberty China had a capital base of about $100m at end-2024 and strong solvency ratios as of mid-2025—225.2% core and 247.2% comprehensive—well above minimum requirements.

The insurer posted its first underwriting profit in 2024, with a net combined ratio of 99.7%, down from a five-year average of 102.6%. 

Whilst market share remains small at 0.2% and gross written premium fell 12.9% in the first half of 2025, S&P believes growth prospects are supported by parent-company backing, a conservative investment approach, and expansion into higher-margin business lines.