Lloyd’s reports strong preliminary results for Full Year 2023

• Gross Written Premium increased by 11.6% to £52.1bn (FY 2022: £46.7bn) reflecting 4% organic growth and 7% price change.
• The market’s combined ratio improved 7.9 percentage points from the prior year to 84.0% (FY 2022: 91.9%).The attritional loss ratio remained stable at 48.3% (FY 2022: 48.4%), while the expense ratio remained flat at 34.4% (FY 2022: 34.4%).
• Investment return of £5.3bn (FY 2022: loss of £3.1bn), reflects the higher interest rate environment and the unwind of the Mark to Market accounting treatment on fixed income portfolios.
• Underwriting profit increased £3.3bn to £5.9bn (FY 2022: £2.6bn).

^{[1] The information included in the trading update is subject to the completion of on-going assurance procedures performed on the Pro-Forma Financial Statements by Lloyd’s auditors and approval by the Council of Lloyd’s.}   

“2023 was an outstanding year for the Lloyd’s market. We continued to see sustainable, profitable growth and performance, leading to our best underwriting result in recent history and a rock solid balance sheet that gives us and our stakeholders confidence in an uncertain environment.

We will maintain our focus on underwriting and capital discipline and we look forward to announcing our full results and strategic progress later this month.”

Burkhard Keese, Lloyd’s CFO