Liberty Mutual

Liberty Mutual is the 6th largest US P&C insurer with $48 billion revenue, operating in 29 countries and serving over 30 million customers globally. As a mutual company based in Boston, it returns profits to policyholders rather than shareholders, a structure shared with only #5 USAA. Its global combined ratio of 94% in 2023 is 3 percentage points better than the industry benchmark of 97%. This efficiency, combined with international diversification, provides stability that outperforms #7 Travelers in volatile markets.