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Lloyd’s of London on Thursday released a ‘strong set of results’ for the first half of the year, saying they set up the insurance and reinsurance marketplace ‘to deliver on our positive financial outlook for 2023’.
Pretax profit in the first six months of 2023 was £3.9 billion, swung from a loss of £1.8 billion a year before.
Gross written premium rose by 22% to £29.3 billion from £24.0 billion, and underwriting profit doubled to £2.5 billion from £1.2 billion. Lloyd’s combined ratio improved to 85.2% from 91.4%; any result below 100% represents a profit on underwriting, so the lower the better.
Even more important to the overall Lloyd’s result, net investment return swung to positive £1.8 billion in the first half of 2023 from negative £3.1 billion in the first half of 2022.
Lloyd’s also touted its ‘bulletproof balance sheet’. Total capital was £40.8 billion on June 30, stable on £40.2 billion a year before. The market’s central solvency ratio improved to 438% from 412%, while the market-wide solvency ratio rose to 194% from 181%.
‘Combined with the market’s progress in driving sustainable performance, digitalisation and showing leadership from climate transition to culture change, these results set us up to deliver on our positive financial outlook for 2023,’ Chief Executive Officer John Neal said.
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