Briefing: Lloyd’s results revealed a big Covid-19 hit, but under the surface things may be looking healthier for the market

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The Covid-19 pandemic forced Lloyd’s half-year COR up to a highly unprofitable 110.4%, but underneath, a disciplined approach to underwriting could be setting them up for a return to profit in 2021 By insight editor Matt Scott

When Lloyd’s published its financial results for the first half of 2020, all the headlines were about the market’s 110.4% combined operating ratio (COR) and the mammoth claims it was facing as a result of the Covid-19 pandemic.

At first glance, these were terrible results for Lloyd’s as it descended into another underwriting loss, but delve a little bit deeper and things may actually not be as bad as they seem.

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