Lloyd’s Preliminary Full Year Results – March 2024

LONDON, 7th March 2024 – Lloyd’s announced a Preliminary FY 2023 underwriting profit of £5.9bn (FY 22: £2.6bn) on a combined ratio of 84% (91.9%), and an investment return of £5.3bn (loss of £3.1bn).

SRL commented that the underwriting result was in line with its expectation of a combined ratio of around 85% (Lloyd’s Monitor December 2023). The result benefited from a significant reduction in major losses to 3.5% NPE (12.7%) reflecting the level and nature of catastrophe activity in the year as well as Lloyd’s re-underwriting of Cat risk since 2017. The attritional loss ratio and the expense ratio were both stable at 48.3% (48.4%) and 34.4% (34.4%) respectively.

The significant investment return improvement of £8.4bn reflects both the higher interest rate environment and the unwind of the mark-to-market accounting treatment on fixed income portfolios.

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