"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."
The tables below outline highlights of LMHC's consolidated financial results for the three months ended March 31, 2026.
Net Written Premium ("NWP") by Business:
Consolidated NWP by business was as follows:
Three Months Ended, March 31
2026
2025
Change
USRM
$6,181
$6,061
2.0 %
GRS
4,954
4,705
5.3
Corporate and Other
(9)
(7)
28.6
Total NWP
$11,126
$10,759
3.4 %
Consolidated Results of Operations:
Results of Operations - Consolidated
Three Months Ended, March 31
2026
2025
Change
Revenues
$12,774
$12,486
2.3 %
Underlying PTOI before limited partnership income
2,591
2,711
(4.4)
Catastrophes
(569)
(1,821)
(68.8)
Net incurred losses attributable to prior years:
- Asbestos and environmental1
-
-
