Lloyd’s sees 11.6% gross written premiums surge in 2023

Its overall profit before tax stood at $13.5b.

Lloyd’s 2023 results showcased solid profitability in underwriting and investments, with underwriting profit more than doubled to $7.5b (£5.9b) in 2023, from  $3.3b (£2.6b) the previous year.

This drove a notable improvement in the combined ratio to 84% – the strongest since 2007. Lower costs from large risks and natural catastrophe claims contributed to this improvement.

Gross written premium increased by 11.6% to $65.8b (£52.1b), driven by 4% volume growth and 7% price increases, marking the market’s third consecutive year of double-digit growth. 

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The drive to enhance performance and reduce business costs led to a slight reduction in the attritional loss ratio to 48.3%.

Investment returns of $6.7b (£5.3b), coupled with a strong balance sheet, resulted in an overall profit before tax of $13.5b (£10.7b). Central and market-wide solvency ratios stood at 503% and 207% respectively, reflecting a resilient capital position.

($1.00 = £0.79)