2025 Syndicate Results – April 2026

The weighted average result* as a % of Net Premium Earned (NPE), excluding Funds In Syndicate investment returns (FIS**), for those Lloyd’s syndicates trading in 2025 was an above-average 18.8% (2024: 18%) which compares favourably with 5 and 9-year averages of 14.5% and 7.9% respectively. There continues to be a significant performance difference at an individual syndicate level with the best and worst results for 2025 +81% and -18%. Syndicates’ combined ratios averaged 85.7%, significantly below the 9-year average of 96.2%, with performance in 2025 benefiting from a relatively small US hurricane impact, which especially enhanced the results of Excess of Loss syndicates.

Lloyd’s is a two-tier market with a significant difference between the top and bottom quartile performing syndicates. The top quartile’s weighted average profit in 2025 is 32.1% compared to 6.5% for the bottom quartile in a year where major losses were close to half the 9-year average of 11.2%. Longer-term, this marked contrast consistently applies, the difference between the top and bottom quartile’s performance over 5 years and 9 years being 15.1% pts and 13.8% pts respectively.

The weighted average overall results for 2025 by quartile were:
Top quartile +32.1% NPE
Second quartile +20.3% NPE
Third quartile +16.7% NPE
Fourth quartile +6.5% NPE

The overall profit for the bottom quartile of syndicates, representing 15% of total NPE, represented 5% of the overall market profit for those syndicates trading in 2025.

* All figures quoted are: 1) for those syndicates trading in 2025; 2) expressed as a % of NPE; 3) exclude RITC/Captive/Syndicate In A Box (SIAB) syndicates, syndicates’ first year results; 4) adjusted for impact of Loss Portfolio Transfers bar combined ratio.
** Returns on capital deposited at the syndicate level, “Funds In Syndicate” (FIS).

Lloyd’s Full Year Results – March 2026

The Lloyd’s Market has reported a pre-tax profit of £10,594m for 2025 on a combined ratio of 87.6% (2024: profit £9,626m; 86.9%), being a return of 22% on average capital (2024: 21%). The underwriting result was negatively impacted by a 1.2 point deterioration in the expense ratio, a 0.8 deterioration in the attritional loss ratio, and a 0.7 point reduction in prior year reserve releases all of which more than offset the 2 point reduction in major losses. The investment result was significant and increased by 2.1 points of Net Premiums Earned (NPE) with an increase in investment income and unrealised gains.

The 87.6% combined ratio was lower than SRL’s expectation of a combined ratio of around 90% (Lloyd’s Monitor December 2025) mainly as a result of the very low major loss experience during H2 2025 which only represented around 0.9% of FY 2025 NPE compared to a 10 year H2 average of 7.6%.

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Syndicate Research Limited (SRL) provides in-depth research, analysis and commentary on all trading syndicates operating in the Lloyd’s of London insurance market.

Syndicate Continuity Opinions (SCOs) – taking into account cross-cycle Returns on Capital and Group support – have been assigned to active syndicates representing some 77% of the market’s capacity, with quantitative Scorecard Indicators assigned to syndicates representing c.92% of the market’s capacity.

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