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Yahoo
06-08-2025
- Business
- Yahoo
Liberty Mutual Insurance Reports Second Quarter 2025 Results
BOSTON, Aug. 6, 2025 /PRNewswire/ -- Liberty Mutual Holding Company Inc. and its subsidiaries (collectively "LMHC" or the "Company") reported net income attributable to LMHC of $1.845 billion and $2.870 billion for the three and six months ended June 30, 2025, versus income of $717 million and $2.252 billion for the same periods in 2024. "We delivered strong second quarter results, with net income attributable to LMHC of $1.8 billion driven by disciplined underwriting and excellent investment performance," said Tim Sweeney, Liberty Mutual Chairman & Chief Executive Officer. "Our combined ratio improved by 12.4 points to 87.2%, reflecting the impact of our underwriting actions and strategic choices made over the past two years. These results demonstrate meaningful progress toward our 95% combined ratio target and create confidence in our path to sustainable, profitable growth." The tables below outline highlights of LMHC's consolidated financial results for the three and six months ended June 30, 2025. Net Written Premium ("NWP") by Business: Consolidated NWP by business was as follows:Three Months Ended June 30, Six Months Ended June 30, $ in Millions 2025 2024 Change 2025 2024 Change USRM $6,909 $7,415 (6.8 %) $12,970 $13,960 (7.1 %) GRS 4,290 4,062 5.6 8,995 8,438 6.6 Corporate and Other 13 (50) NM 6 (13) NM Total NWP $11,212 $11,427 (1.9 %) $21,971 $22,385 (1.8 %) Foreign exchange effect on growth - (0.1) NWP growth excluding foreign exchange1 (1.9 %) (1.7 %) 1 Determined by assuming constant foreign exchange rates between = Not Meaningful Consolidated Results of Operations:Three Months Ended June 30, Six Months Ended June 30, $ in Millions 2025 2024 Change 2025 2024 Change Revenues $12,499 $12,798 (2.3 %) $24,985 $25,273 (1.1 %) Underlying PTOI before limited partnerships income 2,667 2,444 9.1 5,378 4,373 23.0 Catastrophes (808) (1,742) (53.6) (2,629) (2,569) 2.3 Net incurred losses attributable to prior years: - Asbestos and environmental1 - - - - - - - All other2 241 (24) NM 437 (18) NM Pre-tax operating income before limited partnerships income 2,100 678 NM 3,186 1,786 78.4 Limited partnerships income3 410 466 (12.0) 777 625 24.3 Pre-tax operating income 2,510 1,144 119.4 3,963 2,411 64.4 Net realized losses (123) (162) (24.1) (193) (254) (24.0) Acquisition & integration costs (28) (19) 47.4 (52) (40) 30.0 Restructuring costs (8) (19) (57.9) (23) (25) (8.0) Pre-tax income 2,351 944 149.0 3,695 2,092 76.6 Income tax expense 501 232 115.9 816 502 62.5 Consolidated net income from continuing operations 1,850 712 159.8 2,879 1,590 81.1 Discontinued operations, net of tax - 10 (100.0) - 673 (100.0) Consolidated net income 1,850 722 156.2 2,879 2,263 27.2 Less: Net income attributable to non-controlling interest 5 5 - 9 11 (18.2) Net income attributable to LMHC 1,845 717 157.3 2,870 2,252 27.4 Net income attributable to LMHC excluding unrealized impact4 1,847 717 157.6 2,988 2,260 32.2 Cash flow provided by continuing operations $1,765 $1,414 24.8 % $2,204 $2,315 (4.8 %) 1 Asbestos and environmental is gross of the related adverse development reinsurance (the "NICO Reinsurance Transaction", which is described further in Reinsurance). 2 Net of earned premium and reinstatement premium attributable to prior years of $2 million and $93 million for the three and six months ended June 30, 2025, and $104 million and $112 million for the same periods in 2024. 3 Limited partnerships income includes LP, LLC and other equity method income within net investment income in the accompanying Consolidated Statements of Operations and revenue and expenses from direct investments in natural resources. 4 Excludes unrealized gains on equity securities and the corresponding tax = Not Meaningful Combined Ratio:Three Months Ended June 30, Six Months Ended June 30, CONSOLIDATED 2025 2024 Change(Points) 2025 2024 Change(Points) Combined ratio Claims and claim adjustment expense ratio 53.8 % 57.6 % (3.8) 53.9 % 59.8 % (5.9) Underwriting expense ratio 28.3 26.4 1.9 28.1 26.4 1.7 Underlying combined ratio 82.1 84.0 (1.9) 82.0 86.2 (4.2) Catastrophes 7.3 15.4 (8.1) 12.0 11.3 0.7 Net incurred losses attributable to prior years: - Asbestos and environmental - - - - - - - All other1 (2.2) 0.2 (2.4) (2.1) 0.2 (2.3) Total combined ratio 87.2 % 99.6 % (12.4) 91.9 % 97.7 % (5.8) 1 Net of earned premium and reinstatement premium attributable to prior years. 2 The combined ratio, expressed as a percentage, is a measure of underwriting profitability. This measure should only be used in conjunction with, and not in lieu of, underwriting income and may not be comparable to other performance measures used by the Company's competitors. The combined ratio is computed as the sum of the following property and casualty ratios: the ratio of claims and claim adjustment expense less managed care income to earned premium; the ratio of insurance operating costs plus amortization of deferred policy acquisition costs less third-party administration income and fee income (primarily related to the Company's involuntary market servicing carrier operations) and installment charges to earned premium; and the ratio of policyholder dividends to earned premium. Provisions for uncollectible premium and reinsurance are not included in the combined ratio unless related to an asbestos and environmental commutation and certain other run off. Restructuring and acquisition and integration costs are not included in the combined ratio. Equity:As of June 30, As ofDecember 31,$ in Millions 2025 2024 Change Unassigned equity $37,244 $34,374 8.3 % Accumulated other comprehensive loss (2,602) (3,928) (33.8) Non-controlling interest 211 206 2.4 Total equity $34,853 $30,652 13.7 % Subsequent Events Management has assessed material subsequent events through August 6, 2025, the date the financial statements were available to be issued. Financial Information The Company's financial results, management's discussion and analysis of operating results and financial condition, accompanying financial statements and other supplemental financial information for the three and six months ended June 30, 2025 are available on the Company's Investor Relations website at Conference Call Information On August 7, 2025, at 10:00 a.m. Eastern Time, Tim Sweeney, Liberty Mutual Insurance Chairman and CEO, will host a conference call to discuss the Company's second quarter financial results. To participate in the event via telephone and to ask a question, please dial 844-481-2837 and request to join into the Liberty Mutual Insurance call. To listen to the call online via PC and view a presentation on financial performance, please log into Following the call, a recording of the event will be available on the Investor Relations section of Liberty Mutual's website, About Liberty Mutual Insurance At Liberty Mutual, we believe progress happens when people feel secure. For more than 110 years we have helped people and businesses embrace today and confidently pursue tomorrow by providing protection for the unexpected and delivering it with care. A Fortune 100 company with more than 40,000 employees in 28 countries and economies, we are the ninth largest global property and casualty insurer and generate more than $50 billion in annual consolidated revenue. We operate through three strategic business units: US Retail Markets, providing auto, home, renters and other personal and small commercial lines property and casualty insurance to individuals and small businesses countrywide; Global Risk Solutions, delivering a full range of comprehensive commercial and specialty insurance, reinsurance and surety solutions to mid-size and large businesses worldwide; and Liberty Mutual Investments, deploying more than $100 billion of long-term capital globally across its integrated platform to drive economic growth, power innovation and secure Liberty Mutual's promises. For more information, visit Cautionary Statement Regarding Forward Looking Statements This report contains forward looking statements that are intended to enhance the reader's ability to assess the future financial and business performance of the Company. Forward looking statements include, but are not limited to, statements that represent the Company's beliefs concerning future operations, strategies, financial results, investment market fluctuations, or other developments, and contain words and phrases such as "may," "expects," "should," "believes," "anticipates," "estimates," "intends" or similar expressions. Because these forward-looking statements are based on estimates and assumptions that are subject to significant business, economic and competitive uncertainties, many of which are beyond the Company's control or are subject to change, actual results could be materially different. Contact: Investor Relations Media RelationsRobert Pietsch Rich Angevine857-224-6655 617-833-0926 View original content to download multimedia: SOURCE Liberty Mutual Insurance Sign in to access your portfolio
Bloomberg
13-06-2025
- Business
- Bloomberg
The Florida Pension Fund Managers Who've Beaten the S&P 500 Over 50 Years
Unlike most other US public retirement plans of its size, the Tampa Fire & Police Pension Fund doesn't invest in hedge funds, private equity or private credit. It doesn't hire consultants to help it pick outside managers. Instead, for the past 50 years, its investments in stocks and bonds have been overseen by a single manager, Bowen, Hanes & Co., a nine-person firm led by Harold 'Jay' Bowen III. In short, Tampa and Bowen Hanes do one thing, and the rest of the institutional world does something else. Consider the Tampa fund's performance, though. It racked up a 32.2% return in the fiscal year ended in September. 'Fiscal 2024 was—not only was it our 50th year, it was the best year the plan's ever had,' says Bowen, 63. The return was good enough to rank the Tampa plan as the best performer for the period in the Wilshire Trust Universe Comparison Service's database of plans with more than $1 billion in assets under management. Tampa was also No. 1 for 3, 5, 10, 15, 20, 25, 30, 35 and 40 years.
Globe and Mail
27-05-2025
- Business
- Globe and Mail
Pender Growth Fund Provides Financial Highlights and Company Updates
VANCOUVER, British Columbia, May 27, 2025 (GLOBE NEWSWIRE) -- Pender Growth Fund Inc. (the 'Company') today announced its financial and operational results for the three months ended March 31, 2025. Financial Highlights Net loss was $6,787,305 for the three months ended March 31, 2025 (March 31, 2024 – net income $12,262,927) due to negative investment performance during the year. Net loss per Class C common share ('Share') for the three months ended March 31, 2025 was $0.95 (March 31. 2024 – Net income per Share $1.67). The Company's total shareholders' equity decreased by $7,113,121, from $123,081,507 at December 31, 2024 to $115,968,386 as at March 31, 2025, due to net loss of $6,787,305 primarily a result of negative investment performance, offset by shares repurchased of $325,816 under the Company's Normal Course Issuer Bid ('NCIB'). Shareholders' equity was $16.33 per Share as at March 31, 2025 (December 31, 2024 – $17.25). 7,101,429 shares were outstanding as at March 31, 2025 (December 31, 2024 – 7,133,229), a decrease of 31,800 shares as a result of shares repurchase under the NCIB, which was renewed on February 20, 2025. At March 31, 2025, 59.6% of the investment portfolio was made up of public companies and 40.4% of private companies and Net Assets were 54.6% publicly listed companies, 37.0% private unlisted companies, and 8.4% cash and other assets net of liabilities. Management Expense Ratio ('MER') before performance fees was 2.44% for the quarter ended March 31, 2025, 0.69% lower compared to 3.13% in the first quarter of 2024. Public equity markets saw mixed performance in the first quarter of 2025, taking a breather following a year of impressive results. The S&P/TSX Composite Index gained 1.5% in the quarter, while the S&P/TSX Small Cap Index added 0.9%. Markets in the US slipped in the quarter, with the S&P 500 Index (CAD) down -4.2% and the small cap Russell 2000 Index (CAD) ending -9.4% lower in the quarter. Equity markets were mixed as investors grew concerned about the aggressive policy shifts of the Trump administration's second term. The rise of protectionism, deregulation and a more disruptive foreign policy stance fueled heightened uncertainty that resulted in lower expectations for economic growth. These uncertainties have raised the prospects of a recession amid weakening consumer sentiment, widespread job cuts and the impact of escalating tariffs. Against these headwinds, the Federal Reserve opted to hold interest rates steady during the quarter at 4.25% to 4.5%. This contrasted with the trend of continued interest rates cuts in Canada, As the Bank of Canada reduced rates by 25bp in January, followed by another 25bp reduction in March. This left the benchmark lending rate at 2.75% at quarter-end and highlighted the softening economic environment in Canada. We believe that the Company continues to be well-positioned today to pursue its investment objectives and we continue to find attractive investments opportunities as valuations in micro and small cap stocks in North America remain attractive despite the recent rally this year. Investment results may be affected by future developments and new information that may emerge about broad economic conditions, inflation, central bank measures, geopolitical risks, market risk, unexpected judicial or regulatory proceedings and other global events, factors that are beyond the Company's control. While macro events have driven investor sentiment, we have remained focused on our bottom-up fundamental research to identify companies that can thrive in a wide range of economic scenarios. We believe that this environment provides compelling opportunities for long-term focused investors and that the Company is well-positioned to continue to pursue its investment objectives. As always, this quarter we worked closely with our private portfolio companies and certain of our public portfolio companies. Other Highlights We continued to acquire shares of the Company in the market under our NCIB because we believe the shares are trading at a discount to their intrinsic value. On February 20, 2025, the Company launched a new NCIB, under which the Company may purchase a maximum of 587,342 shares, or 10% of the Company's public float on launch date, during the one-year period ending February 19, 2026. We encourage you to refer to the Company's MD&A and quarterly unaudited financial statements for March 31, 2025, the annual audited financial statements for the year-ended December 31, 2024, and other disclosures available under the Company's profile at for additional information. About the Company Pender Growth Fund Inc is an investment firm. Its investment objective is to achieve long-term capital growth. The Company utilizes its small capital base and long-term horizon to invest in unique situations, primarily small cap, special situations, and illiquid public and private companies. The firm invests in public and private companies principally in the technology sector. It trades on the TSX Venture Exchange under the symbol 'PTF' and posts its NAV on its website, generally within five business days of each month end. Please visit For further information, please contact: Tony Rautava Corporate Secretary Pender Growth Fund Inc. (604) 653-9625 Toll Free: (866) 377-4743 Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Forward-Looking Information This news release may contain forward-looking statements (within the meaning of applicable securities laws) relating to the business of the Company and the environment in which it operates. Forward-looking statements are identified by words such as 'believe', 'anticipate', 'project', 'expect', 'intend', 'plan', 'will', 'may', 'estimate' and other similar expressions. These statements are based on the Company's expectations, estimates, forecasts and projections and include, without limitation, statements regarding the Company's decreased portfolio risk and future investment opportunities. The forward-looking statements in this news release are based on certain assumptions; they are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements, including, but not limited to, the factors discussed under the heading 'Risk Factors' in the Company's annual information form available at There can be no assurance that forward-looking statements will prove to be accurate as actual outcomes and results may differ materially from those expressed in these forward-looking statements. Readers, therefore, should not place undue reliance on any such forward-looking statements. Further, these forward-looking statements are made as of the date of this news release and, except as expressly required by applicable law, the Company assumes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
