Global: Lloyd's reports $4.9bn profit in 1H

Source: Middle East Insurance Review | Oct 2023

Lloyd’s announced a strong set of results for the first six months of 2023, with an underwriting profit of £2.5bn ($3.1bn) against £1.2bn achieved in the first six months of the previous year, 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 said in a statement.

Lloyd’s continued to support profitable underwriting growth, with GWP 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. M

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