Lloyd’s profit crosses £10bn in strong full year results

Lloyd’s of London has posted a £10.6bn profit in its latest full year results, a growth of 10.1% on the previous year.

The results – released today (19 March 2026) and covering the full year to 31 December 2025 – also revealed that the market’s gross written premium (GWP) grew by 4.2%, up from £55.5bn in 2024 to £57.9bn in 2025.

Combined operating ratio (COR), however, climbed slightly, up 0.7 percentage points to 87.6%, while the underwriting result fell by £0.1bn to £5.2bn.

The firm also posted an investment return of 5.6%, equivalent to £6bn in capital terms, up markedly from last year’s posting of 4.7%, or £4.9bn.

Lloyd’s central solvency ratio grew from 435% to 496%, while the market-wide solvency fell from 205% to 200%, though both remain “well above regulatory requirements”.

Five-year strategy

Patrick Tiernan, chief executive at Lloyd’s, said: “Strong underwriting performance, disciplined growth and resilient investment returns underpinned the Lloyd’s market’s result in 2025.

“Supported by a very strong balance sheet, these results provide a firm foundation for the challenges and risks ahead, enabling the market to support communities, businesses and economies through periods of uncertainty.

“While the financial cost of catastrophes in 2025 was relatively modest, we remain acutely aware of the greater, human impact and those whose lives have been affected.

“Today we are also setting out a new five-year strategy – a disciplined, market-led and necessary sharpening of our financial edge. It focuses on underwriting performance, improving efficiency and maximising our unique capital advantage, to drive improved returns.

“This is how we will advance and protect Lloyd’s as the pre-eminent global marketplace for insurance risk.”