Liberty Mutual recorded a 72% slide in net profit last year as global catastrophes, currency exchanges and energy-related losses squeezed earnings.

The US mutual insurer made a net profit of $US514 million ($697.7 million), down from $US1.81 billion ($2.5 billon) in 2014. The combined operating ratio remained at 97.8%.

Its global specialty division, which includes Australian operations, increased pre-tax operating income by 12.3% to $US603 million ($818 million).

Catastrophe losses from severe storms in the UK, US, Australia and other natural hazards grew 13.6% to $US1.82 billion ($2.5 billion) last year.

Fourth-quarter net profit fell 25.7% to $US411 million ($557.8 million).