10th September 2023
Lloyd’s has announced a strong set of results for the first six months of 2023, with an underwriting profit of £2.5bn (HY 2022: £1.2bn), an investment return of £1.8bn(HY 2022: £3.1bn loss) and a profit before tax of £3.9bn (HY 2022: loss of £1.8bn).
The market’s combined ratio improved 6.2 percentage points to 85.2 (HY 2022: 91.4) demonstrating continued progress in underwriting performance.
Lloyd’s continued to support profitable underwriting growth, with gross written premium increasing 21.9% to £29.3bn driven by growth from existing syndicates(6.5%), new syndicates(2.2%), foreign currency movements(4.1%) and risk-adjusted rate increases(9.1%). Major claims represented 3.6% of losses in the first half of the year.
Lloyd’s balance sheet continued to strengthen with a central solvency ratio of 438% and market-wide solvency ratio of 194%, showing the market’s capital discipline and resilience through a range of market conditions.
Lloyd’s CEO, John Neal said: “We’re pleased to be reporting a very strong set of results for the year so far–with profitability in both our underwriting and investments; a leading combined ratio, strong premium growth and a bulletproof balance sheet that means we can support customers through a range of shocks and scenarios.
Combined with the market’s progress in driving sustainable performance, digitisation and showing leadership from climate transition to culture change–these results set us up to deliver on our positive financial outlook for 2023.”
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