Lloyd’s reports ‘best interim result since 2007’ for 2024’s H1 with COR of 83.7%

Lloyd’s of London has reported positive growth in its financial metrics for the first half of 2024, with overall profit before tax improving from £3.9bn to £4.9bn year-on-year and the market’s combined operating ratio (COR) moving to 83.7%, compared to 85.2% for the same reporting period last year.

Publishing its 2024 half-year financial results today (5 September 2024), Lloyd’s described its updated COR figure as “its best interim result since 2007”.

Its underlying combined ratio also improved from 81.6% last year to 80.6% for the first six months of the year.

Continuing this trajectory, Lloyd’s reported a £0.6bn increase in its operating profit between H1 2023 and H1 2024, from £2.5bn to £3.1bn, as well as a 6.5% year-on-year uptick in gross written premium (GWP) to £30.6bn, versus £29.3bn last year – this excludes foreign exchange movements.

Lloyd’s attributed its GWP growth to increases in volume and price.

The marketplace’s recent focus on its operational performance has also seen it clock a 1.7% reduction in its attritional loss ratio to 49.2% for H1 2024, compared to 50.9% last year, as well as a decrease in expense ratio from 35.4% to 34.5% for the same reporting period.

Its central solvency ratio is 520% for the first six months of the year and the market-wide solvency ratio is 206%.

A ‘superb set of results’

Commenting on Lloyd’s of London’s financial results, its chief executive, John Neal, said: “The first half of 2024 has presented a superb set of results for the Lloyd’s market, which represents a combination of disciplined underwriting, smart organic growth and real strength in the Lloyd’s balance sheet.

“This is good news for both investors in the Lloyd’s insurance marketplace and our customers as we continue to support them in an increasingly risky world.”