Liberty Mutual reported second-quarter 2026 net income of $2.63 billion, up 43% from the prior-year period, as improved underwriting results, lower catastrophe losses and stronger investment performance supported earnings.
The insurer’s consolidated combined ratio improved to 86.4% in Q2 2026, compared with 87.2% a year earlier. For the first six months of the year, the combined ratio improved to 87.3% from 91.9%.
Catastrophe losses declined significantly, falling 44% year over year in the quarter and 61% during the first half of 2026.
Net written premiums decreased 1.1% to $11.1 billion during the quarter. Premiums in Liberty Mutual’s U.S. Retail Markets business declined 4.1% to $6.6 billion, while Global Risk Solutions continued to expand, with premiums increasing 3.5% to $4.4 billion.
Investment performance provided a boost to results, with limited partnership income more than doubling to $850 millionduring the quarter. Pre-tax operating income increased nearly 30% to $3.26 billion.
For the first half of 2026, Liberty Mutual reported net income attributable to the company of $4.69 billion, representing a 63% increase compared with the same period in 2025.
