Lloyd's reports strong results in trading update

Lloyd’s has provided a trading update ahead of the publication of the full year financial reports.

Highlights of the 2023 full year results are as follows

·         Gross Written Premium increased by 11.6% to £52.1bn (FY 2022: £46.7bn) reflecting 4% organic growth and 7% price change.

·         The market’s combined ratio improved 7.9 percentage points from the prior year to 84.0% (FY 2022: 91.9%).The attritional loss ratio remained stable at 48.3% (FY 2022: 48.4%), while the expense ratio remained flat at 34.4% (FY 2022: 34.4%).

·         Investment return of £5.3bn (FY 2022: loss of £3.1bn), reflects the higher interest rate environment and the unwind of the Mark to Market accounting treatment on fixed income portfolios.

·         Underwriting profit increased by £3.3bn to £5.9bn (FY 2022: £2.6bn).

Burkhard Keese, Lloyd’s CFO, said  “2023 was an outstanding year for the Lloyd’s market. We continued to see sustainable, profitable growth and performance, leading to our best underwriting result in recent history and a rock solid balance sheet that gives us and our stakeholders confidence in an uncertain environment.

“We will maintain our focus on underwriting and capital discipline and we look forward to announcing our full results and strategic progress later this month.”

The full results will be released on 28 March 2024 and these will include guidance on the expectations for the 2024 year result.