1st Quarter results
for the year ending 31 December 2026
On May 7, 2026, the Liberty Mutual Group (LMG) announced its 1st Quarter results for the year ending 31 December 2026. 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 2026.
By John McCabe President, Australia
For the quarter ended 31 March 2026, the Liberty Mutual Group announced the following key metrics:
Quarter Ended 31 March 2026
Full Year to 31 December 2025
US$11.13bn
US$43.56bn
Net Written Premium
US$2.77bn
US$9.67bn
Group Pre-Tax Operating Income (Loss)
US$2.05bn
US$6.81bn
Group Net Income
US$41.32bn
US$39.89bn
Policyholder Equity
US$857m
US$7.87bn
Cash Flow from Continuing Operations
88.2%
88.4%
Combined Operating Ratio (COR)
1912
Operating since
27
countries
40,000
employees
Tim Sweeney Liberty Mutual Chairman & Chief Executive Officer
We posted excellent first-quarter results, with net income attributable to LMHC of $2.1 billion and a consolidated combined ratio of 88.2%,” said Tim Sweeney, Liberty Mutual Chairman & Chief Executive Officer. “The 8.4-point combined ratio improvement was driven by significantly lower catastrophe losses, while our underlying combined ratio of 84.1% reflects the continued strength of our core underwriting franchise. With the strongest balance sheet in our history, we have the financial foundation and the discipline to pursue profitable growth in increasingly competitive markets.
A global Fortune 500 company with more than 40,000 employees in 27 countries and economies, we are the ninth largest global property and casualty insurer and generate 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 financial strength ratings in Austalia
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 is the trading name of Liberty Mutual Insurance Company, 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
2.79
of investments in AA- or higher rated bonds
69.4%
As of 31 March 2026, our Capital Position as measured by APRA was more than 2.79 times the prescribed minimum, and our Australian investment portfolio is prudently held, with 69.4% 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
Find out more
About Liberty
Last updated 12 May 2026
AP1008
Voted a leading general insurer by Australia's community of insurance brokers for the 5th year in a row
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