Liberty Mutual Holding Company Inc.

Liberty Mutual Holding Company Inc. Third Quarter 2022

Consolidated Financial Statements

LIBERTY MUTUAL HOLDING COMPANY INC. Consolidated Statement of Operations (dollars in millions) (Unaudited)

Revenues Premiums earned Net investment income Fee and other revenues Net realized gains (losses)

Total revenues

Claims, Benefits and Expenses Benefits, claims and claim adjustment expenses Operating costs and expenses Amortization of deferred policy acquisition costs Interest expense Interest credited to policyholders

Total claims, benefits and expenses

Acquisition & integration costs

Restructuring costs

Unit linked life insurance

(Loss) Income from continuing operations before income tax expense and non-controlling interest

Income tax (benefit) expense

Consolidated net (loss) income

Less: Net income attributable to non-controlling interest Net (loss) income attributable to Liberty Mutual Holding Company Inc.

Net Realized Gains (Losses) Other-than-temporary impairment losses Other net realized (losses) gains Valuation changes on equity investments, derivatives, other

Total net realized gains (losses)

Three Months Ended September 30,

2022

$

12,169

281

237

53

12,740

2021

$ 10,672 1,411 267 20 12,370

Nine Months Ended September 30,

2022

$ 34,808 2,074 709 (762) 36,829

2021

$ 31,051 4,112 733 83 35,979

9,507 1,954 1,659

133 8

13,261

(23) (5)

17

(532)

8,022 1,711 1,701

119 9

11,562

(4) (36)

(7)

761

26,106 5,962 4,729

375 23 37,195

(80) (5)

137

(314)

22,398 5,216 4,798

354 26 32,792

(13) (147)

(95)

2,932

(179)

39

(117)

584

(353)

722

(197)

2,348

-

1

1

2

$

(353)

$

721

$

(198) $

2,346

2022

2021

2022

2021

$

(49)

$

(87)

$

(66) $

(602)

(1)

92

(204)

337

103

15

(492)

348

$

53

$

20

$

(762) $

83

See accompanying notes to the unaudited consolidated financial statements

Liberty Mutual Holding Company Inc.

Consolidated Balance Sheets

(dollars in millions) (Unaudited)

Assets: Investments

Fixed maturities, available for sale, at fair value (amortized cost of $72,883 and $71,580) Equity securities Short-term investments Mortgage loans Other investments

Total investments

Cash and cash equivalents Premium and other receivables Reinsurance recoverables

Deferred tax asset Deferred acquisition costs Goodwill Prepaid reinsurance premiums Other assets

Total assets

Liabilities: Unpaid claims and claim adjustment expenses and future policy benefits:

Property and casualty Life Other policyholder funds and benefits payable Unearned premiums Funds held under reinsurance treaties Short-term debt Long-term debt Accrued postretirement and pension benefits Payable for investments purchased and loaned Deferred tax liability Other liabilities Total liabilities

Equity: Unassigned equity Accumulated other comprehensive loss

Total policyholders' equity Non-controlling interest

Total equity

Total liabilities and equity

September 30, 2022

December 31, 2021

$

65,246 $

73,106

1,694

3,034

447

218

3,582

2,659

14,980

13,401

85,949

92,418

11,027 16,836 18,575

10,777 14,972 17,776

2,052

-

4,264

3,994

5,722

5,672

2,604

2,053

9,166

8,381

$

156,195 $

156,043

$

77,051 $

72,049

1,419

1,934

14

16

28,362

24,950

347

309

547

473

9,515

9,181

2,577

2,685

3,059

5,102

-

201

12,348

11,295

135,239

128,195

29,210 (8,454) 20,756

200 20,956

28,776 (960)

27,816 32

27,848

$

156,195 $

156,043

See accompanying notes to the unaudited consolidated financial statements

Liberty Mutual Holding Company Inc. Consolidated Statements of Comprehensive Income

(dollars in millions) (Unaudited)

Consolidated net (loss) income

Other comprehensive (loss), net of taxes: Unrealized losses on securities Foreign currency translation and other adjustments

Other comprehensive loss, net of taxes

Comprehensive (loss) income

Three Months Ended

September 30,

2022 $ (353)

2021 $ 722

(2,143) (16)

(2,159)

$ (2,512)

(367) (90)

(457)

$ 265

Nine Months Ended

September 30,

2022 $ (197)

2021 $ 2,348

(7,229) (98)

(7,327)

$ (7,524)

(1,184) (22)

(1,206)

$ 1,142

See accompanying notes to the unaudited consolidated financial statements

Liberty Mutual Holding Company Inc. Consolidated Statements of Changes in Total Equity

(dollars in millions) (Unaudited)

Balance at beginning of the year Cumulative effect from the adoption of ASU 2016-02, Leases Mutual Merger with State Auto

Consolidated net (loss) income Other comprehensive loss, net of taxes

Total comprehensive (loss) income Balance at end of the period

Nine Months Ended September 30,

2022

2021

$ 27,848 90 542

(197) (7,327)

(7,524) $ 20,956

$ 25,957 -

2,348 (1,206)

1,142 $ 27,099

See accompanying notes to the unaudited consolidated financial statements

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