Liberty Mutual reports second quarter results

Whole NWP grew by 7.2% in H1 2021, as much as $21.2 billion from $19.8 billion within the first half of 2020. This was helped by 10.9% progress within the second quarter, when the insurer reported NWP of $10.8 billion, up from $9.8 billion within the prior-year quarter. The whole mixed ratio for the six months ending June 30, 2021, was 99.8%, a 0.8% enchancment from the 100.6% reported in H1 of 2020. In the meantime, the second quarter noticed a 7.1% enchancment, from 105.2% in 2020 to 98.1% in 2021.

“The quarter’s outcomes benefited from continued robust efficiency inside our funding portfolio which generated $1.4 billion of pre-tax web funding revenue,” stated Liberty Mutual chairman and chief govt officer David H. Lengthy. “Underwriting outcomes had been additionally favorable throughout each companies, as our mixed ratio improved to 98.1% and web written premium grew 10.9% to $10.8 billion.”

Following a powerful quarter, Liberty Mutual introduced two strategic transactions in July, which Lengthy stated will “strengthen and diversify Liberty Mutual’s operations domestically and throughout the globe.”

On July 12, 2021, Liberty Mutual signed a definitive settlement to accumulate State Auto Group – a US super-regional insurance coverage holding firm headquartered in Columbus, Ohio – for roughly $2.29 billion in money. The deal will give Liberty Mutual roughly 3,400 unbiased businesses throughout 33 states, including to the insurer’s already sizeable community of greater than 100,000 unbiased businesses within the US. Liberty Mutual may even achieve $2.3 billion in premium and can considerably broaden market share in private traces and small commercial insurance.

The group additionally proposed the acquisition of Malaysian insurer AmGeneral, which Lengthy described as “an essential step in advancing our technique and presence within the Asia Market.” He added: “The transaction will complement our current Malaysian operation and positions us as the most important auto insurer and second largest property and casualty insurer in Malaysia.”

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