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The Liberty Mutual campaign is one of the most successful in the US. AIR, Statista lists them as spending $400-$500 million on advertising (as of 2018 or 19) every year, garnering 6 to 7 billion views that reel in over $44 billion in annual sales. (2019)
I believe Statista reported Geico and Progressive are the biggest insurance advertisers every year, spending $1.5billion + and $1 billion +, respectively, but garnering substantially lower Fortune 500 status and revenue for their efforts than does Liberty Mutual.
A cursory Wiki search for 2019 reports Geico takes in about $35 billion in annual sales and Progressive earns about $39 billion annually. 2019's numbers were the latest available for comparison across the three companies. In terms of round numbers then, Liberty makes about 15 to 20% more money on less than half of Geico's and Progressive's advertising spending.
Big budgets? The insurance industry sure has them. As you astutely note, however, it's creativity and risk that make those budgets well spent.