Lloyd’s profit before tax drops to £3.5bn

Lloyd’s has revealed that its profit before tax dropped by £700m in the first half of 2026.

In a trading update published today (3 September 2026), the insurance marketplace revealed that profit sat at £3.5bn in the first six months of 2026, down from £4.2bn during the same period last year.

The decrease comes following a drop in investment returns, with this falling from £3.2bn to £1.8bn year-on-year. Lloyd’s said this was affected by unrealised fixed income losses following a widening of yields in the period.

Despite the fall, gross written premium (GWP) grew from £32.5bn to £34.7bn year-on-year, while the underwriting result increased from £1.5bn to £1.9bn during the same period.

Patrick Tiernan, chief executive at Lloyd’s, said: “The syndicates operating in the Lloyd’s market delivered a solid aggregate set of results for the six months ended 30 June 2026.

”But performance and high risk are far from mutually exclusive. Underwriting discipline and innovation are the keys to maintaining outperformance and quality of earnings.”

Outlook

Lloyd’s said the market’s performance in the first half leaves it well positioned to deliver against the full year guidance set out in March 2026.

This guidance is focused on delivering four strategic drivers, including leading underwriting performance, an efficient and flexible marketplace, maximising Lloyd’s capital advantage and building a Lloyd’s to be proud of. 

”Delivery depends on maintaining the stability, discipline and service on which Lloyd’s reputation depends, while reducing cost and friction, providing greater flexibility, modernising technology and data and building the capabilities required for future innovation,” Lloyd’s said.