Liberty Mutual Insurance Group

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Liberty Mutual Insurance Group jumps up 16 spots on the Global 500 list this year as the global property and casualty insurer’s revenues inched up 1.3%. Profit, though, told a different tale: Liberty’s net income of $758 million for 2020 marks a 27.4% decrease from 2019’s net. Liberty’s balance sheets were impacted by the pandemic, and the company suffered additional losses owing to the effects of natural catastrophes including Hurricane Laura and the wildfires on the West Coast. Over the past five years, the company’s annual average revenue growth rate has been a solid 2.1%. CEO David Long recently said the firm’s 2020 net income was bolstered by strong investment performance and positive core underwriting results.