BOSTON, May 9, 2024 /PRNewswire/ -- Liberty Mutual Holding Company Inc. and its subsidiaries (collectively "LMHC" or the "Company") reported net income attributable to LMHC of $1.535 billion for the three months ended March 31, 2024, versus a net loss attributable to LMHC of $74 million for the same period in 2023. "For the first quarter, we reported net income attributable to LMHC of $1.5 billion driven by strong core underwriting results and a $663 million after-tax benefit from the gain on the sale of our GRM West Operations," said Tim Sweeney, Liberty Mutual President & Chief Executive Officer. "Underwriting results continue to improve, with a 2.8 point improvement in the underlying loss ratio to 62.1% for the first quarter driven by rate execution and other underwriting actions. Catastrophe losses were in line with expectations for the quarter and improved 2.3 points from the prior year. In total, the loss ratio improved 5.9 points to 69.5%. Our US Retail Markets segment saw 5.2 points of improvement in the underlying loss ratio compared to the prior year driven by targeted rate actions continuing to earn in and favorable frequency trends. Despite higher current year large loss activity, Global Risk Solutions total combined ratio improved 3.9 points from the prior year to 94.2%. Our ongoing expense management program drove a 2.5 point reduction in the consolidated expense ratio to 26.3%. Overall, it was a strong quarter and we are pleased with the solid progress we continue to make on profit improvement as we march towards our 95% combined ratio target in 2025." The tables below outline highlights of LMHC's consolidated financial results for the three months ended March 31, 2024. Net Written Premium ("NWP") by Business: Consolidated NWP by business was as follows: Three Months Ended March 31, $ in Millions 2024 2023 Change US Retail Markets $6,545 $6,943 (5.7 %) Global Risk Solutions 4,376 4,219 3.7 Corporate and Other 37 (7)      NM    Total NWP $10,958 $11,155 (1.8 %)    Foreign exchange effect on growth 0.1    NWP growth excluding foreign exchange1 (1.9 %) 1 Determined by assuming constant foreign exchange rates between periods.NM = Not Meaningful Consolidated Results of Operations: Three Months Ended March 31, $ in Millions 2024 2023 Change Revenues $12,475 $11,928 4.6 % Underlying PTOI before limited partnerships income 1,926 1,094 76.1    Catastrophes (824) (1,075) (23.3)    Net incurred losses attributable to prior years: