2023
Purpose & Impact
Report
Our purpose
We exist to help people embrace today and confidently pursue tomorrow
As one of the largest global property and casualty insurers, Liberty Mutual recognizes the vital role insurance plays in a resilient economic system. Our products and services empower people and businesses to feel secure by mitigating the risks they face.
From our Chief Executive Officer, Tim Sweeney
What we do matters to real people facing real risks and challenges… Our purpose-driven actions have a lasting impact on the global economy and society as a whole.
From our Chief Purpose & DEI Officer, Melanie Foley
Rather than shy away from the challenges facing society today, we embrace them as opportunities to deliver the security and protection our valued customers deserve… This is how, as a global insurer, we help people embrace today and confidently pursue tomorrow.
2023 by the numbers
$46,482
million in net written premiums (US$)
$49,412
million in revenue (US$)
48,699
employees in 27 countries
46%
reduction in our GHG emissions
$1,231
million total investments in renewable energy (US$)
Toward a more resilient world
We help build more resilient businesses, communities and society at large by distributing risk, mitigating potential losses and offering financial protection so individuals and businesses can embrace the opportunities they have today and confidently plan for the future.
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2023 Highlights
Improved our catastrophe response offering for customers, bringing in tools such as aerial imaging and a network of renovation partners to improve response times and outcomes
Launched our Global Cyber Office to help clients improve cyber management and resiliency
Advanced conversations around climate and transition risk with MIT’s Climate & Sustainability Consortium
Our insurance offerings play a crucial role in supporting individuals and their families to recover during natural disasters and other times of crisis. We deliver peace of mind to our customers and business owners by helping them protect what they value most.
Hamid Mirza
President
US Retail Markets
Sustainabiilty for the long term
We think about sustainability as a business approach that creates long-term stakeholder value by embracing opportunities and managing the risks from evolving landscapes. It is how we advance our impact together and meet the needs of today while simultaneously preparing for the future.
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Liberty Mutual plays a vital role in a thriving economy by assessing complex risks and helping our clients mitigate, prepare for and respond to disruption. When we alleviate worries, we allow room for more innovation. Innovation that can lead to smarter businesses and richer lives. Not only do we meet today’s needs, but we take a long-term view that ensures our customers are prepared for the future.
Neeti Bhalla Johnson
President
Global Risk Solutions
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2023 Highlights
Launched a Climate Activation Program to embed climate knowledge within our business
Partnered with rideshare companies to advance our work on the future of mobility
Published video series on climate data and co-hosted an event with the Institute of International Finance (IIF)
Our differentiated culture and commitment to innovation shapes our approach to investing. Liberty Mutual Investments is guided by three cultural pillars: Uncompromising Excellence, Intellectual Vitality and using our Capital as a Force for Good.
Vlad Barbalat
President and Chief Investment Officer, Liberty Mutual Investments
Liberty Mutual’s purpose is inextricably linked to our focus on long-term sustainability. By embracing opportunities and managing the risks from evolving landscapes, our business approach creates long-term value for our customers, employees and communities.
Francis Hyatt
Chief Sustainability Officer
Community Impact
Through Liberty Mutual Foundation, we extend our purpose to our broader ecosystem—serving, giving, volunteering and, ultimately, investing in our communities. Through the Foundation’s strategic goals to advance security and build resiliency for people and communities, we look to help those who are experiencing vulnerability.
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2023 Highlights
Liberty Mutual Foundation completed its first full year of funding climate
resilience work
Provided more than 135,000 hours of service to more than 1,400 organizations through Liberty Torchbearers, our employee engagement program
Donated a total of $64,272,554 and awarded 616 grants
We want to be there for people in their moments of greatest crisis, advancing security by addressing basic needs such as food and shelter. We also bolster long-term resilience through education and workforce development. Furthermore, because of the disproportionate impact of climate change on marginalized communities, we’ve embarked on a journey to invest in climate resiliency initiatives alongside our partners. It’s an exciting endeavor and we’re eager to collaborate and learn together as we navigate this new frontier.
Melissa MacDonnell
President of Liberty Mutual Foundation
20 years of community impact
2012
Celebrated 100th anniversary of Liberty Mutual with 100 Gifts and inaugural Serve with Liberty
2003
Launched Liberty Mutual Foundation
2007
Launched Give with Liberty
2013
Opened Boston’s first universally-accessible playground
2017
Launched Liberty
Torchbearers
2015
Celebrated 100 education initiative grantees with the 100 Ways campaign
2018
Launched Volunteer with Liberty Torchbearer mini-grants for employees who track their own volunteer time
2018
Announced 100 Club, offering new incentives for employees that volunteered 100+ hours
2018
Opened Liberty House at Bridge Over Troubled Waters, which provides opportunities for independent housing with minimal supervision for young adults who previously experienced homelessness
2018
Announced Torchbearer 100 Club, offering new incentives for employees who volunteered 100+ hours
2018
Announced 100 Club, offering new incentives for employees that volunteered 100+ hours
2019
Opened the universally-accessible Liberty Playground in Plano, Texas
2021
Increased Give with Liberty employee match to 100% with no upper limit
2020
Provided $15 million in emergency funding in response to COVID-19
2021
Opened Liberty Village at The Home for Little Wanderers to provide a safe, stable home for at-risk youth who have “aged out” of the child welfare system
2021
Increased Give with Liberty employer match to 100% with no upper limit
2022
Celebrated 110 years by initiating the corporate 110 Gifts program, globally
2023
Funded second Liberty House at Bridge Over Troubled Waters, providing additional independent housing for young adults who previously experienced homelessness
2003
2023
Our people
The strength of our business is reliant on the excellence of Liberty Mutual’s employees, and, in turn, we strive to create an environment where our employees can learn, grow and thrive.
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2023 Highlights
Partnered with our Able Employee Resource Group to provide inclusive coverage to our
customers with disabilities
Made inclusive leadership a critical success factor for every people leader
Deepened our partnerships with organizations such as the National African American Insurance Association (NAAIA), Out and Equal, Disability:IN and the Alumni Society
Our operational footprint
We continue to work to reduce Liberty Mutual’s operational footprint, gain efficiencies in our owned buildings, reduce our greenhouse gas emissions and lower our automotive fleet emissions.
68%
reduction in printed page volume compared to 2019
46%
reduction in our GHG emissions compared to 2019
9%
reduction in automotive fleet CO2 emissions compared to 2019
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Governance and practices
As a leader in financial services, Liberty Mutual has always prioritized strong corporate governance and acting with integrity. Our Board of Directors, management and employees share a commitment to operating a strong, ethical and responsible business. This is essential to maintaining the trust and confidence of our policyholders and stakeholders, and to promoting Liberty Mutual’s long-term success. Our governance framework, management practices and compliance policies provide accountability and transparency across all levels of our business.
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“We are committed to fostering a culture where employees feel comfortable speaking up to do what’s right. I’m proud that Liberty employees engaged with our Compliance Helpline more than ever before in 2023 to ask questions and raise ethical concerns.”