Liberty Mutual’s energy investments are dragging down its profits, which fell by a quarter for the first six months of 2016, compared with the same time last year.

Liberty Mutual announced on Thursday that it earned $408 million in the first half of this year, down from $530 million in 2015. The company’s performance over the three-months ending on June 30, was even worse, with profits hitting only $15 million, down from $254 million for the same period in 2015, a more than 90 percent decline.

The Boston-based insurance company primarily blamed its losses on investments in energy exploration. Liberty Mutual is pulling back its unfunded commitment in gas and oil wells in order to minimize its risk in that area, David Long, the company’s chief executive officer, said on an investor call.

The oil market has been weak through most of the year, hobbled by a global economic slowdown and oversupply.

Liberty Mutual was able to offset some of its losses by raising rates on its insurance customers and collecting more in premiums. The company increased its auto insurance premiums by 7 percent in the second quarter of 2016, while ­homeowner premiums in the United States grew by 2.4 percent. It has implemented several auto rate increases in Massachusetts in recent years.

Liberty Mutual’s earnings suggest that the company could be in for another disappointing year.

In 2015, the company’s profits plummeted more than 70 percent as it took hits from its troubled Venezuelan operations, bigger catastrophe losses, and lower investment income. And so far this year, profits have been even lower.

Deirdre Fernandes can be reached at deirdre.fernandes@ globe.com. Follow her on Twitter @fernandesglobe.