Who We Are
Liberty Mutual Investments (LMI) is the investment firm for Liberty Mutual Group (Liberty), which has evolved over more than 100 years from a traditional insurance carrier into an integrated global insurance and capital solutions partner. LMI is responsible for powering Liberty’s strategy amid profound change in global capital markets.
With deep expertise in liquid, credit, and alternative strategies, LMI invests $124.7 billion of capital globally,1 taking a long-term approach across its integrated platform. LMI has a clear purpose: build enduring businesses side-by-side with our partners, drive economic growth, and generate superior risk-adjusted returns that power Liberty’s strategy and secure its promises.
Liberty plays a dual role in the financial system: as a manager of risk and as a provider of capital. The insurance businesses help policyholders, partners, and communities embrace today and confidently pursue tomorrow. Through LMI, Liberty puts that confidence to work, converting premiums into investable capital and redeploying it into the real economy to help individuals and companies build, grow, and prosper.
Our Mutuality
As an investment firm within a global insurance company, we combine long-term capital and a flexible investing approach with the expertise and resources of a Fortune 100 company. Our approach is further complemented by our mutuality, which allows us to prioritize long-term policyholder interests rather than short-term shareholder interests. LMI can thus reinvest earnings to strengthen the business, fulfill Liberty’s promises to policyholders today and protect them for tomorrow, and enable Liberty to insure emerging risks that fuel innovation.
In addition to enhancing our products and services, this provides profound strategic advantages to our partners and creates a compounding effect that enables LMI to be a consistent market participant throughout economic cycles:
- Long-Term Focus: We foster and strengthen enduring partnerships.
- Without the constraints of short-term market pressures, we can reinvest into opportunities that align with our responsibility to serve policyholders and support economic growth.
- Without the constraints of short-term market pressures, we can reinvest into opportunities that align with our responsibility to serve policyholders and support economic growth.
- Capital Compounding: We target investments with extended horizons and long-term value creation.
- Profits are reinvested into the business, fostering resilience and sustainable growth.
- Profits are reinvested into the business, fostering resilience and sustainable growth.
- Strategic Flexibility: We pursue opportunities with conviction and act as a stabilizing force.
- We act decisively during market disruptions, deploying capital strategically when others might hesitate.
As a result, LMI is a flexible long-term partner to world-class businesses and emerging entrepreneurs. We are a one-stop shop for our partners’ evolving investing needs, showing up in ways they need us most—in good times and bad—to stabilize risk during periods of volatility and finance the innovation that sustains modern commerce, to the benefit of Liberty’s policyholders.
Our Flywheel
We compound the float and surplus generated by Liberty’s insurance businesses, strengthening the balance sheet and expanding our capacity to underwrite risk. Externally, we serve as a trusted partner, providing flexible capital solutions that fuel economic growth, support innovation, and create long-term value.
This is our flywheel: risk, capital, and underwriting reinforcing one another to benefit our policyholders, partners, and communities, both today and tomorrow.
- Liberty's long-term capital comes from premiums on insurance policies—creating a virtuous cycle of self-reinforcing capital and layered impact.
- LMI builds enduring businesses and drives economic growth through our investments.
- LMI compounds Liberty’s long-term capital, fortifying the business so it can secure more promises, protect people and businesses, and strengthen communities.
Financial Results
Over the past five years, LMI has generated $18.8 billion in cumulative pre-tax investment income5 for Liberty. These strong results are attributable to strategic asset allocation and a focus on diversification.
The company's increased emphasis on partnerships across liquid, credit, and alternative strategies contributed significantly to overall returns. The impacts of fluctuating interest rates and global economic shifts were effectively mitigated through Liberty's proactive risk management and fixed income trading strategies, ensuring continued growth and resilience. Overall, the results underscore the effectiveness of diversification and active management in navigating market volatility and achieving resilient performance.
Results Drivers by Year:
2025: LMI delivered strong full-year results, generating $5.2 billion in pre-tax investment income, the second-highest result in the firm’s history.5 Results were driven by robust net investment income, supported by higher reinvestment yields and disciplined portfolio positioning, alongside solid contributions from private assets. Overall, 2025 results reflect effective balance sheet management, strong execution across public and private markets, and resilient returns amid a volatile macro environment.
2024: LMI’s pre-tax income benefited from total return trading, higher interest rates, and execution of our partnership strategy. Partnership results include contributions from private equity, real estate, energy and infrastructure, private credit, and alternative credit.
2023: The portfolio generated significant net investment income, attributed to higher yields and active management in fixed income, which together offset reduced valuations in partnerships. Tightening credit spreads and rising public equity valuations also contributed to performance.
2022: LMI's tactical responses to market volatility drove strong performance despite challenges with unrealized losses in the bond portfolio from rising rates. The portfolio was protected against this volatility through its past strategic allocations to alternative assets.
2021: As markets rebounded, LMI benefited from strong returns in private equity and real estate. Strategic investments in technology through our venture portfolio bolstered performance.