References

1. AUM as of 12/31/25 as reported in Liberty’s Q4 2025 Financial Statement. This figure reflects total assets under management, which includes both funded and unfunded commitments. Data represents rounded numbers to the nearest hundred million. Gap to LMI AUM on Financial Statement is approximately $10B in non-LMI invested assets.
2. Liberty Mutual Group Asset Management Inc. was incorporated April 25, 2011. Prior to incorporation, Liberty Mutual Investments was a division of Liberty Mutual Insurance Company. Liberty Mutual has private market investment activity dating back to 1984.
3. As of 12/31/25, based on internal employee data.
4. Deal counts and investment relationships are presented as of 12/31/25, based on data extracted from the firm’s internal portfolio management dashboard, reflecting 2025 activity. New investment relationships are defined as those that are new to a single mandate rather than the firm overall.
5. As of 12/31/25, as reported in Liberty Mutual Group's GAAP financials. Pre-tax income is defined as Total Investing Results net of Expenses and does not include economic benefit of Tax Credits. Values include an immaterial portion of investment income not managed directly by LMI ($0.3B over five years).
6. As of 12/12/24, as reported in 2024 Talent Survey.
7. Pensions & Investments.
8. As reported in Serve with Liberty 2025 campaign, taking place from April 28 – May 17, 2025.
9. Global ranking based on 2024 gross written premium, excluding state owned companies. US ranking based on 2024 direct written premium.
10. Fortune.com.
11. As of 12/31/25; reported in Liberty's Q4 2025 Financial Statement. Total includes operating assets supporting the broader insurance enterprise. Data represents rounded numbers to the nearest billion.
12. As of 12/31/25, as reported by OpenAI.
13. Liberty Mutual Investments has Direct Lending investment activity dating back to 2020.
14. Liberty Mutual Investments has Capital Solutions investment activity dating back to 2022.
15. Liberty Mutual Group Asset Management Inc. was incorporated April 25, 2011. Prior to incorporation, Liberty Mutual Investments was a division of Liberty Mutual Insurance Company. Liberty Mutual has public credit investment activity dating back to 1999.
16. Liberty Mutual Investments has Partnerships investment activity dating back to 2017.
17. Liberty Mutual Group Asset Management Inc. was incorporated April 25, 2011. Prior to incorporation, Liberty Mutual Investments was a division of Liberty Mutual Insurance Company. Liberty Mutual has private equity investment activity dating back to 1984.
18. Liberty Mutual Group Asset Management Inc. was incorporated April 25, 2011. Prior to incorporation, Liberty Mutual Investments was a division of Liberty Mutual Insurance Company. Liberty Mutual has real estate investment activity dating back to 2006.
19. Liberty Mutual Investments has Energy & Infrastructure investment activity dating back to 2015.
20. Liberty Mutual Investments has Alternative Credit investment activity dating back to 2018.
21. As of 12/31/25, as reported in Liberty Mutual Group Tax Summary Dashboards. Count and dollar amount represent closed deals across tax years that may not yet be funded.
22. Liberty Mutual Group Asset Management Inc. was incorporated April 25, 2011. Prior to incorporation, Liberty Mutual Investments was a division of Liberty Mutual Insurance Company. Liberty Mutual has tax credit activity dating back to 1998.
23. Liberty Mutual has impact investment activity dating back to 2023.
24. Impact deal count is presented as of 12/31/25, based on data extracted from Finance’s Commitments Dashboard, reflecting 2025 activity.
25. As of 12/31/25, based on internal employee data. Junior employee constitutes those in an analyst, senior analyst, or associate role.
26. As of 12/31/25, based on internal talent data.
27. As of 12/31/25, as reported in Tax Equity and Tax Credits Summary Dashboard. Data represents rounded numbers to the nearest million.
28. As of 12/31/25, as reported in the Impact Investing Summary Dashboard. Data represents rounded numbers to the nearest million. 
    
     

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The information contained herein is a summary provided as of the date hereof, and does not purport to be complete. The views expressed reflect current perspectives, and the contents are subject to change, amendment, revision, update or correction without notice. 

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This report does not constitute or contain investment advice. Liberty Mutual Investments provides investment advisory and management services to insurance companies and wholly owned direct or indirect subsidiaries of Liberty Mutual Holding Company Inc. Liberty Mutual Investments is not an “investment adviser” under the Investment Advisers Act of 1940 and is not registered with the Securities and Exchange Commission or any state securities authority. Neither Liberty Mutual Investments nor any of its employees or management team are registered as a broker-dealer or broker-dealer representative, futures commissions merchant, commodity pool operator, commodity trading advisor or an associated person of the foregoing.