3rd Quarter
for the year ending 31 December 2025
results
On 6 November 2025, the Liberty Mutual Group (LMG) announced its 9 months results for the year ending 31 December 2025. These results are not widely reported in Australia, so we feel it is important to provide our key business partners with an update on our progress during 2025.
By John McCabe President, Australia
For the third quarter ended 30 September 2025, the Liberty Mutual Group announced the following key metrics:
9 Months Ended 30 September 2025
Full Year to 31 December 2024
US$33.01bn
US$44.96bn
Net Written Premium
US$6.48bn
US$5.92bn
Group Pre-Tax Operating Income (Loss)
US5.09bn
US$4.40bn
Group Net Income
US$37.75bn
US$30.65bn
Policyholder Equity
US$5.51bn
US$6.47bn
Cash Flow from Continuing Operations
89.5%
95.9%
Combined Operating Ratio (COR)
1912
Operating since
28
countries
40,000
employees
Tim Sweeney Liberty Mutual Chairman & Chief Executive Officer
We delivered exceptional third quarter results, with net income attributable to LMHC of $2.2 billion and a consolidated combined ratio of 84.7%, reflecting strong underwriting and investment performance. Our combined ratio improved 12.0 points year-over-year, underpinned by favorable frequency trends in U.S. personal lines and lower catastrophe losses across both insurance businesses. Investment results remained strong, benefiting from higher reinvestment rates and robust performance in private assets, particularly private equity. As our underwriting actions take hold, we will remain disciplined in pursuing profitable growth.
A Fortune 100 company with more than 40,000 employees in 28 countries and economies, LMG is the ninth largest global property and casualty insurer and generates more than $50 billion in annual consolidated revenue.
Key to the Group’s ongoing success is our strategic focus on the following areas:
Strategic focus
Product/geographic diversification
Disciplined underwriting strategies and pricing models
Diversified and well-established multi-channel distribution capabilities
Strong strategic business unit structure with scale in each business
Protection of capital and financial strength ratings
Our current Group Financial Strength ratings are:
A2 (Good)
A (Excellent)
A (Stable)
As the above results highlight, LMG continues to be a progressive, strong, and stable provider of insurance solutions. Here in Australia, Liberty Specialty Markets is the trading name of Liberty Mutual Insurance Company (Liberty), an Australian registered and APRA regulated insurer. The Australian entity forms part of the Global Risk Solutions group of LMG. In Australia, Liberty operates as a branch of its US incorporated parent, which means that the entire balance sheet of our parent stands behind the policies underwritten in Australia. Being regulated by APRA; Liberty must hold sufficient assets in Australia to meet the obligations of the Australian operations. This branch structure therefore provides for the strength of a global company, along with the safety of Australian Prudential Regulation.
times the APRA-prescribed minimum
2.75
of investments in AA- or higher rated bonds
66.8%
As of 30 September 2025, our Capital Position as measured by APRA was more than 2.75 times the prescribed minimum, and our Australian investment portfolio is prudently held, with 66.8% of the investments held in Government or Local Corporate Bonds rated AA- or higher. Liberty has now been growing and operating profitably for 26 years in Australia and is committed to remaining a long-term participant in the local market. We remain firmly focused on meeting existing and potential customers’ business insurance needs and in providing innovative, tailored solutions to our key business partners.
Further information about our operations and product range in Australia
Visit our website
About Liberty Specialty Markets
Last updated 12 November 2025
AP1008
Liberty is not authorised to provide financial product advice. The information in this document does not take into account your objectives, financial situation or needs. Always consider the applicable policy wording and other relevant documents before deciding to acquire a financial product. This information is current as at May 2025. Liberty means Liberty Specialty Markets, a trading name of Liberty Mutual Insurance Company, Australia Branch (ABN 61 086 083 605; AFSL No. 530842 (for claims handling and settling services only)) incorporated in Massachusetts, USA (the liability of members is limited); Liberty Specialty Markets Hong Kong Limited (UBI 66395065); Liberty Specialty Markets Singapore Pte Limited (UEN 201538069C); and Liberty Specialty Markets Singapore Pte Limited, Labuan Branch (Company No. LF12903), a licensed insurer under the Labuan Financial Services and Securities Act 2010 (Licence No. IS2016162).
Professional & Financial Risks
Casualty
Construction
Energy
Property
Marine
Crisis Management
Accident & Health
Surety
Environmental Impairment Liability
Financial Risk Solutions
War & Terrorism
Excess Workers Compensation
Mergers & Acquisitions
Weather
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Our product range in Australia
Voted Australia’s leading general insurance broker by Australia’s community of insurance brokers for the 5th year in a row
Last updated 6 June 2025
Financial Institutions & Services A$25m Australia US$20m Asia
Information Technology Risks A$25m Australia US$20m Asia
Statutory Liability (in Australia) A$20m
Directors and Officers Liability A$25m Australia US$20m Asia
Cyber US$15m
Professional Indemnity A$25m Australia US$20m Asia
Capacity
This is one of our flagship lines of insurance, and we’re regularly first to market with innovative products that reflect changing market trends. As a product line characterised by long-tail and complex claims, you can rely on our stability and continuity to be there for clients when they need it most.
We offer protection from the increasingly complex liability risks faced by today’s professional world.
Sophisticated product wordings and a broad risk appetite mean that Liberty can cover a spectrum of liability risks, from small to medium enterprises, specialist associations through to large corporations.
We have considerable experience in construction and infrastructure projects, as well as high-hazard risks associated with US exports, chemical/petrochemical plants and offshore oil and gas.
General and Product Liability (Combined Primary & Excess Liability) A$50m Australia US$50m Asia
Financial Loss Liability (claims made basis) A$25m Australia US$25m Asia
Excess Workers Compensation (in Australia) Unlimited
Statutory Fines and Penalties (in Australia) A$5m
Environmental Impairment Liability A$25m Australia US$25m Asia
We understand the diverse and complex insurance needs involved in infrastructure and construction: the construction process, the people, transportation of cargo, consequences of delay in start up, and the environment.
Our broad business appetite is backed by strong capacity and substantial experience insuring infrastructure and construction for high-end projects, as well as offering comprehensive cover, especially multi-product solutions, for smaller, less complex projects.
Construction Material Damage & Delay in Start Up US$150m
Environmental Impairment Liability Fixed-site pollution liability US$25 Contractors Pollution Liability US$25m
Professional Indemnity Construction Consultants US$25m Design & Construct Contractors US$25m Construction Projects US$20m
Marine Project cargo and marine delay in start up US$100m
Property Construction, civil construction, erection risks US$150m
Primary Liability Project-Specific Construction Liability US$50m
Group Personal Accident & Sickness
Weather Index Construction Delay
Marine Project Cargo & Marine Delay in Start Up US$100m
The oil, gas, chemical/petrochemical and power generation industries pose complex risks requiring sophisticated insurance cover.
We cover Industrial Special Risks, such as fires, explosions, natural perils, machinery breakdown and business interruption. Our risk engineers’ advice is key to tailoring the best-fit insurance cover.
$150m
Designed to protect a range of businesses or enterprises with assets valued from $15m and above. We protect property, physical assets and business interruption against damage from fire, storm and other insured perils.
Our value to clients is underpinned by our underwriting expertise, risk engineering engagement and exceptional claims outcomes using our market-leading Fast Track claims approach.
up to US$150m per risk insured
If you have clients who are transporting cargo, operating a commercial fleet, building a vessel or running a project that relies on the transit of goods – our marine team will make sure you’re in safe hands.
We offer an online quotation system to make it easy to transact with us, and our fast track claims service means claims less than $25k can be taken care of quickly and efficiently.
General Cargo $100m
Builders Risk $25m
Project Cargo and Delay in Start up Products $100m
Marine Liability $50m
Commercial Hull (lead in Asia, coinsurance line in Australia) $25m
We protect businesses from the negative impact that an event can have on their reputation.
Clients have exclusive access to our panel of consultants who can assist you in the event of a claim. We’ll pay these costs for 12 months from date of loss. The panel consists of food technologists, crisis management consultants, malicious product tamper experts and PR consultants.
Contaminated Products $15m
Product Recall $15m
Kidnap, Ransom & Extortion $25m
Australian companies and organisations can rely on us to protect their people at home in Australia and abroad.
Our custom designed and built transaction platform makes it straightforward for brokers to quote and bind our suite of Corporate Travel, Expat and Group Personal Accident and Sickness policies. Our comprehensive products are backed by a locally based Claims and Emergency Assistance experience.
We offer companies a range of surety bonds and guarantees, as an alternative to bank guarantees.
Liberty Global Surety write more than US$1.5b in surety premiums globally each year. Our bond capacity is one of the highest offered in the Asia Pacific and global surety marketplace. We support mid-size businesses, right up to leading global multi-national corporations. Clients benefit from our global capabilities and local expertise through our regional network and global offices.
Types of bonds on offer:
Performance & maintenance
Decommissioning/rehabilitation
Performance
Regulatory guarantees
Deposit
Advance payment
Retention
Import/export quota
Bank-fronted and syndicated structures
Shipbuilder’s refund guarantee
Lease
Bid/tender
Supply Workers’ Compensation
Maintenance
Council
Offsite materials
Customs/deferred duty
We offer protection from a pollution incident beyond the third-party liabilities typically covered in a general business liability policy.
There are increasing regulatory obligations for cleaning up environmental incidents, and brand damage recovery costs can be substantial. This is a relatively new line of insurance that can protect a wide range of industries from potential losses.
Fixed-site pollution liability A$50m Australia US$25m Asia
Contractors Pollution Liability A$50m Australia US$25m Asia
View our environmental digital experience
Businesses face a range of risks, especially when venturing into emerging markets. Where these risks come from government intervention, contract frustration, political violence or credit default, our global Financial Risk Solutions team has both the experience and capacity to help.
On our team we have experienced underwriters and analysts. They each bring their own specialist skills, experience and understanding of both global credit and political risks – to craft insurance solutions that best suit our clients.
US$100m
Political instability is an unfortunate reality around the world, and terrorist attacks are on the rise.
Liberty is a market leader in writing a worldwide book of war and terrorism insurance cover, protecting businesses from terrorism, insurrection, sabotage and riots. Our solutions offer critical protection and can cover: Damage to tangible business assets, including buildings and contents Lost income if operations shut down Extra expenses incurred to continue operating Liberty has a dedicated War & Terrorism underwriting team based in Singapore, and coverage can be offered stand-alone or with our property coverage.
Sabotage & Terrorism US$250m
War US$100m
In Australia, we’ve been offering competitive and tailored reinsurance programs for Self Insurers since 2001. Whilst in Singapore, we provide primary insurance cover through our Workplace Protect policy that offers certain benefits beyond statutory requirements.
We're a specialist insurer for Excess of Loss Workers Compensation.
Unlimited statutory protection in Australia
Australia
Common Law limit up to SG$30m
We provide a unique risk engineering engagement to our policyholders through our partnership with Fusion Safety Management.
Singapore
The Liberty Global Transaction Solutions team is known for executing the largest and most complex deals in the region.
The team offers a range of solutions for transactional risks, including: Warranty & Indemnity Tax Indemnity & Tax Credit Contingent Risk After the Event Insurance
$200m
Even if a business knows how normal weather affects its earnings, unexpected extreme weather events present their own risks.
Whether accumulated rainfall, wind speed or average temperature, there are a wide range of scenarios where a tailored insurance solution can be considered for protection against losses or damages incurred because of adverse, measurable weather conditions. This includes products specifically designed for construction companies, outdoor event operators and forestry plantations.
Type of solutions:
Parametric Weather Index solutions based on weather data
Forestry Bushfire Insurance drawing on satellite imaging technology
