’The results we’re reporting today are our best in recent history,’ says chief executive 

Lloyd’s of London has revealed that it bounced back from a loss in 2022 to secure billions of pounds worth of profit in 2023.

In a trading update today (28 March 2024), the marketplace revealed it secured a profit before tax of £10.7bn in the 12 months to December 2023, an improvement from the £800m loss the previous year.

It came following a jump in underwriting profit, which rose from £2.6bn to £5.9bn year-on-year, while gross written premiums increased from £46.7bn to £52.1bn during the same period.

And the combined operating ratio (COR) also saw an imporvement, with this dropping from 91.9% to 84% – the strongest result since 2007.

“The results we’re reporting today are our best in recent history, with an outstanding underwriting result underpinned by a strong and resilient balance sheet,” Lloyd’s chief executive John Neal said.

Other figures

Meanwhile, Lloyd’s also posted a further 0.1% reduction in the attritional loss ratio to 48.3%, with the expense ratio remaining flat at 34.4%.

It also secured investment returns of £5.3bn following a £3.1bn loss in 2022, with the rise driven by higher risk-free interest rates around the world and the unwind of the previously booked mark-to-market loss.

“Our ability to attract – and provide returns on – capital is vital to ensuring we can support our customers through uncertainty,” Neal said.

”We’ll continue working with our market to deliver consistent profitable performance through disciplined underwriting – enhancing the value, relevance and long term sustainability of Lloyd’s.”