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Lloyd’s says 2023 results are an “outstanding performance”

Lloyd’s Full Year 2023 financial results (FY2023), “demonstrate solid profitability on both the underwriting and investment sides, and a strong balance sheet”, the London market said.

Its syndicates recorded a combined underwriting profit of £5.9bn, up from £2.6bn in 2022. The combined ratio improved by 7.9 percentage points to 84.0% (FY2022: 91.9%), which Lloyd’s said was the strongest result since 2007.

Underwriting was said to have benefited from lower costs from large risks and natural catastrophe claims, with the underlying combined ratio (combined ratio excluding major claims) of 80.5% (FY2022: 79.2%).

There was double-digit growth in gross written premium for the third consecutive year, increasing by 11.6% to £52.1bn (FY2022: £46.7bn). Volume growth contributed 4pp of this, while price increases contributed 7pp. Lloyd’s noted that it had now seen 24 consecutive quarters of positive price improvement.

There was a minor 0.1pp fall in the attritional loss ratio to 48.3% (FY2022: 48.4%), with the expense ratio remaining flat at 34.4% (FY2022: 34.4%).

Investment returns of £5.3bn compared with a loss of £3.1bn the previous year. This was mainly caused by the unwind of the previous year’s booked mark-to-market loss.

The overall profit before tax was £10.7bn, compared with a loss of £0.8bn the previous year.

Lloyd’s CEO John Neal said that “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. Our ability to attract – and provide returns on – capital is vital to ensuring we can support our customers through uncertainty. 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.”


Gross written premium£52.1bn£46.7bn)
Underwriting profit£5.9bn£2.6bn
Combined ratio84.0%91.9%
Pre-tax profit£10.7bn(£0.8bn)
Attritional loss ratio48.3%48.4%
Net investment return£5.3bn(£3.1bn)
Total capitalization£45.3bn£40.2bn
Central solvency ratio503%412%