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Liberty Mutual Reports Significant Increase in Net Income for Q4 and Full Year 2025

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Liberty Mutual Insurance reported a net income attributable to LMHC of $1.699 billion for the three months ended December 31, 2025, and $6.792 billion for the full year, according to a press release issued Wednesday. This represents an increase from the $1.239 billion and $4.383 billion reported for the same periods in 2024.

The company’s consolidated combined ratio for the fourth quarter of 2025 reached 85.0%, a 6.5-point improvement year-over-year, driven by favorable prior-year development and reduced catastrophe activity. The full-year consolidated combined ratio was 88.4%, the lowest in recent history, surpassing the company’s 95% target established three years prior.

“We made measurable progress on underwriting profitability in the fourth quarter, delivering a consolidated combined ratio of 85.0% and net income attributable to LMHC of $1.7 billion,” said Tim Sweeney, Liberty Mutual Chairman & Chief Executive Officer. He added that investment results, including $790 million in limited partnerships income during the quarter, contributed significantly to earnings.

Net Written Premium (NWP) remained relatively flat for the three months ended December 31, 2025, totaling $10.552 billion compared to $10.551 billion in the same period of 2024. However, NWP decreased 6.4% for the full year, reaching $43.566 billion versus $46.463 billion in 2024. US Retail Markets (USRM) NWP decreased 4.9% in the fourth quarter to $6.375 billion, while Global Risk Solutions (GRS) NWP increased 9.2% to $4.196 billion.

Pre-tax operating income before limited partnerships income rose to $1,821 million for the fourth quarter, a 3.5% increase, and to $7,508 million for the full year, a 61.2% increase. Including limited partnerships income, pre-tax operating income reached $2,611 million for the quarter and $9,669 million for the year.

The company reported net incurred losses attributable to prior years of $465 million related to asbestos and environmental claims, an increase from $175 million in the same period of 2024. However, net incurred losses attributable to all other prior years were favorable at $1,198 million, compared to unfavorable $760 million in the fourth quarter of 2024.

Liberty Mutual closed the sale of its operations in Vietnam to Chubb on February 2, 2026, according to the earnings release. Management has assessed material subsequent events through March 4, 2026, the date the financial statements were available.

As of December 30, 2025, total equity stood at $39.887 billion, a 30.1% increase from $30.652 billion as of December 31, 2024. Unassigned equity increased 19.8% to $41,166 million.

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Mendoza’s Mayoral Bid: Illinois Voters Face First Successor Choice in 10 Years

by James Carter Senior News Editor
written by James Carter Senior News Editor

Springfield, IL – Illinois voters will choose a new comptroller in 2026, marking the first open election for the position in over a decade. The shift comes as current Comptroller Susana Mendoza sets her sights on a potential run for Chicago mayor in 2027, leaving a key statewide office up for grabs. The Democratic primary is already taking shape with a field of contenders vying for the opportunity to manage the state’s finances during a period of growing economic uncertainty.

Mendoza announced her decision not to seek reelection in July 2025, signaling the start of a competitive race for the comptroller’s office. Her departure creates an open primary for the Democratic party for a statewide constitutional office for the first time since 2018, according to Capitol News Illinois. The comptroller’s primary responsibility is ensuring the state’s bills are paid – a task Mendoza successfully navigated even during the state’s challenging two-year budget stalemate in the mid-2010s.

The Democratic Field

Four Democrats are currently competing for the nomination: State Senator Karina Villa of West Chicago, State Representative Margaret Croke of Chicago, State Representative Stephanie Kifowit of Oswego and Lake County Treasurer Holly Kim. Each candidate has been outlining their vision for the office and addressing the state’s financial challenges. The candidates recently participated in a forum at the Des Plaines Public Library on February 6, 2026, and at the Rainbow PUSH Coalition in Chicago’s Kenwood neighborhood on November 18, 2025, according to the Chicago Tribune.

Representative Kifowit, who has served in the General Assembly since 2013, is emphasizing her experience as a Marine Corps veteran and a former financial advisor. Villa, Croke, and Kim are also presenting their qualifications and policy proposals to voters. Bryan Drew is running unopposed for the Republican nomination, setting up a potential general election matchup.

Potential Chicago Mayoral Race

The open comptroller seat is a direct result of Mendoza’s ambition to challenge for the Chicago mayoralty in 2027. Current Chicago Mayor Brandon Johnson is facing challenges, with his popularity described as “barely above Meghan Markle levels” by Chicago Magazine. This has spurred speculation about potential challengers, and Mendoza is considered a serious contender.

Meanwhile, Alexi Giannoulias, the current Illinois Secretary of State, is also generating buzz as a potential mayoral candidate. Despite having no competition for his current position, Giannoulias has reportedly been raising $1 million per quarter in campaign funds. He is described as “the complete package” by one political consultant, possessing strong relationships with progressives, experience in finance – as CEO of Annoula Ventures – and support from organized labor. Other potential candidates include Mike Quigley, Maria Pappas, and Joe Holberg, with Susana Mendoza also being mentioned as a possible contender.

Giannoulias’s financial backing and broad appeal position him as a front-runner if he enters the race. He has also used his position as Secretary of State to bolster his credentials, including warning ICE agents about the illegality of altering license plates to evade detection.

What’s Next

The Illinois comptroller primary will be a key race to watch in 2026, as the outcome will determine who manages the state’s finances during a critical period. The Democratic candidates will continue to campaign and debate their qualifications, while the field for the 2027 Chicago mayoral election begins to solidify. The coming months will reveal whether Mendoza formally enters the mayoral race and how the competition for both offices will unfold.

What are your thoughts on the potential candidates? Share your opinions in the comments below and support spread the word by sharing this article!

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NZ Clean Car Standard: Government Considers Scrapping Emissions Rules

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The New Zealand government is weighing the complete abolition of its Clean Car Standard, just months after significantly reducing the penalties imposed on vehicle importers for bringing high-emission vehicles into the country. The potential move, revealed this week, has sparked concern from electric vehicle advocates and debate within the automotive industry.

Transport Minister Chris Bishop confirmed that scrapping the standard is “obviously” an option being considered as part of a “first principles review.” The review, initiated following a nearly 80 percent cut to Clean Car Standard penalties last November, aims to assess the scheme’s effectiveness and impact on importers and consumers. Bishop had previously indicated a full review would follow the penalty reduction, but suggested complete removal was unlikely.

The Clean Car Standard, introduced by the previous government in December 2022, charges importers for vehicles exceeding a set emissions target, whereas offering credits for those with lower emissions. The system is designed to encourage a greater supply of low and zero-emission vehicles in New Zealand. According to the Inland Revenue Department, importers must manage vehicle imports and meet the standard through a CO2 account operated by Waka Kotahi.

The Motor Industry Association (MIA) has expressed support for retaining the standard, but argues it requires “recalibration” to better suit New Zealand’s market conditions. “The framework needed to be ‘credible, stable, and workable in New Zealand’s small, import dependent market’,” said MIA chief executive Aimee Wiley in a statement. She emphasized the need for settings that work for both importers and consumers, ensuring long-term durability and alignment with market realities.

However, EV advocacy groups have voiced strong opposition to the potential abolition. Drive Electric chairwoman Kirsten Corson warned that removing the standard would abandon New Zealand reliant on “the high-emitting leftovers” that manufacturers can no longer sell in Australia, which recently implemented its own fuel efficiency standard. Corson pointed to early data from Australia showing a drop in overall emissions and the ability of two-thirds of carmakers to meet 2025 targets.

Corson attributed the changes in New Zealand to “spectacular lobbying by some high-emissions vehicle importers.” She likewise challenged the government’s justification for slashing penalties, arguing that the claim of increased costs for consumers was a “false economy.” She noted that while higher-emission vehicles may have a lower purchase price, they incur greater long-term costs through fuel consumption and maintenance.

Drive Electric’s submission to the review warned that abolishing the standard would position New Zealand as an outlier among OECD countries, alongside Russia, as the only nations without vehicle emissions standards. The group also advocated for reinstating a version of the Clean Car Discount, potentially targeted at businesses to encourage fleet electrification.

The targeted consultation for the review, which concluded recently, involved the motor vehicle industry, international bodies, government agencies, advocacy groups, and subject matter experts, but was not open to public input. The Transport Ministry indicated the review is being conducted in two stages, with the first focused on determining whether to retain or abolish the standard entirely. Bishop stated he expects a select committee process and public submissions if legislative changes are required.

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Hao Mart Sublease Dispute: Defence, Counterclaim & Lawsuit Updates

by Alexandra Hartman Editor-in-Chief
written by Alexandra Hartman Editor-in-Chief

Singapore – A beauty salon operator, Belovie, is pursuing legal action against Hao Mart, the former master tenant of the Taste Orchard shopping mall, alleging breach of lease agreement. The dispute centers around the abrupt termination of Belovie’s sublease following changes in mall management, highlighting anxieties among former tenants seeking compensation. The case underscores the complexities faced by sub-tenants when a master lease is unexpectedly terminated.

Belovie operated a beauty salon on the third floor of Taste Orchard, located at 160 Orchard Road, under a three-year sublease agreement with Hao Mart that began on July 15, 2024. This followed an initial letter of offer dated May 15, 2024. However, the situation dramatically changed when Hao Mart’s master lease was terminated on September 12, 2025, forcing sub-tenants, including Belovie, to vacate the premises by December 31, 2025. Although the deadline was later extended, uncertainty remained for businesses operating within the mall.

Hao Mart’s Defense: Sublease Contingent on Master Lease

In its defense, filed on February 24, 2026, Hao Mart argues that Belovie was aware the master lease could be terminated at any time and that the sublease was contingent on the continued existence of the master lease. Represented by Vita Law’s Sean La’Brooy, Hao Mart contends that the initial letter of offer did not grant Belovie any specific rights or remedies. Hao Mart maintains that the May 15, 2024, letter of offer was superseded by the formal sublease agreement signed on July 15, 2024.

Hao Mart is seeking to recover unpaid rent totaling S$86,100 (excluding goods and services tax) from October to December 2025, and also claims damages for Belovie’s alleged failure to reinstate its unit to its original condition. The supermarket operator challenges Belovie’s claim of S$445,607.70 in damages, arguing that Belovie has not demonstrated how the figure was calculated or that the expenditure was directly reliant on the sublease agreement. Hao Mart also asserts that any equipment or furniture remaining at the location still held usable value.

Third-Party Action and Consolidation Attempts

On February 9, 2026, Hao Mart filed a notice to include OG, the owner of the Taste Orchard building, as a third party in the suit. Hao Mart alleges an “oral agreement” existed whereby OG would share the costs associated with terminating the sub-tenancies. OG has indicated it intends to contest this claim.

Hao Mart has also applied to the court to consolidate four related lawsuits into a single hearing, aiming for a more efficient resolution of the legal disputes. However, Belovie has objected to this consolidation, arguing its case is a “standalone subtenancy dispute” and that consolidation could delay its case and increase legal costs. Belovie’s lawyers also noted that OG has also objected to the consolidation.

Timeline of Key Events

  • May 15, 2024: Hao Mart issues a letter of offer to Belovie.
  • July 15, 2024: A three-year sublease agreement is signed between Hao Mart and Belovie.
  • September 12, 2025: Hao Mart’s master lease is terminated.
  • December 5, 2025: A High Court order grants OG possession of the Taste Orchard building by year-end.
  • December 31, 2025: Original move-out deadline for sub-tenants.
  • February 9, 2026: Hao Mart files notice to include OG as a third party in the suit.
  • February 24, 2026: Hao Mart files its defense and counterclaim.
  • March 12, 2026: Case conference scheduled at the High Court.

The legal battle between Belovie and Hao Mart is part of a larger wave of disputes stemming from the termination of Hao Mart’s lease at Taste Orchard. Evicted tenants have expressed growing concerns about receiving adequate compensation for costs incurred, including renovations and lost business. Belovie’s lawsuit is the first filed by a sub-tenant in the High Court, according to reports.

A case conference is scheduled for March 12, 2026, at the High Court, where the next steps in the legal proceedings will be determined. The outcome of this case could set a precedent for other sub-tenants seeking compensation from Hao Mart following the termination of the master lease. The court will need to determine the extent to which Hao Mart was obligated to protect the interests of its sub-tenants given the inherent risk of the master lease being terminated.

Please consider sharing this article with others who may find it informative. We encourage respectful discussion in the comments section below.

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