10 December 2015 Insurance

Liberty Mutual blames Venezuelan subsidiary for Q3 losses

Liberty Mutual Holding Company (LMHC) and its subsidiaries have reported a net loss of $427 million for the third quarter of the year compared with a profit of $605 million the previous year.

The firm attributed the fall in profits to a non-recurring loss of around $700 million from its Venezuelan subsidiary and energy investment related losses.

These problems “masked” the company’s “continuing strong operating profit performance, according to David Long, chairman and chief executive officer of Liberty Mutual.

The consolidated combined ratio before catastrophes and net incurred losses attributable to prior years for the three months ended September 30, 2015 was 93.5 percent, an increase of 1.3 points over the same period in 2014, the company said.

Including the impact of catastrophes and net incurred losses attributable to prior years, the company’s combined ratio for the three months ended September 30, 2015 improved 1.2 points to 95.6 percent.

Already registered?

Login to your account

To request a FREE 2-week trial subscription, please signup.
NOTE - this can take up to 48hrs to be approved.

Two Weeks Free Trial

For multi-user price options, or to check if your company has an existing subscription that we can add you to for FREE, please email Elliot Field at efield@newtonmedia.co.uk or Adrian Tapping at atapping@newtonmedia.co.uk