Lloyd’s Interim Results H1 2024
September 5th 2024 – The Lloyd’s Market reported an underwriting profit of £3,067m on a combined ratio of 83.7% for the six months to 30 June 2024 (H1 2023 £2,500m and 85.2%). The investment return was a gain of £2,142m (H1 2023 1,808m), generating an overall pre-tax profit of £4,916m or 26.1% of net premiums earned (H1 2023 profit of £3,920m, 23.2% NPE), equivalent to an annualised return on average capital of 22.2% (H1 2023 19.4%).
The combined ratio improved by 1.5 percentage points (pp), and the attritional loss ratio improved by 1.7pp to 49.2%. The expense ratio improved by 0.9pp to 34.5%. Major claims contributed 3.1% of net premiums earned (H1 2023 3.6%), marking a relatively light period for catastrophe losses. Prior year reserve releases were 3.1% of net premiums earned (H1 2023 4.7%). Lloyd’s continues to forecast a combined ratio of 90-95% for FY24 assuming a normal level of major losses.
The investment profit of £2,142m, representing an investment return of 2.1%, was primarily driven by strong fixed income returns complemented by high growth in equity markets. Lloyd’s continues to forecast an investment return of around 4% for FY24. Asset allocation remains conservative with 72% held in corporate and government bonds and 21% in cash and LOCs. Equities and alternative assets were 7% of the total.
Gross premiums written rose 4.4% to £30.6bn with FX movements (chiefly the US dollar against sterling) generating -2.1% and volume growth 5%. Price rises contributed 1.5%, marking 26 consecutive quarters of positive price improvement. There were small price improvements across most major business lines and geographies, partially offset by casualty which experienced a small decrease in the period with the cyber and D&O classes within this line continuing some rate reductions.
Total capital / net resources, including the Corporation’s subordinated debt, reduced by 3.9% compared to YE23 to £43.5bn. Lloyd’s Central Solvency Capital Requirement (CSCR) coverage ratio was 520% at 30 June 2024 (FY 2023 503%) compared to Lloyd’s risk appetite / minimum of 200%. The Market-wide Solvency Capital Ratio was 206% at 30 June 2024 (FY 2023 207%).
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Syndicate Continuity Opinions (SCOs) – taking into account cross-cycle Returns on Capital and Group support – have been assigned to active syndicates representing some 65% of the market’s capacity, with quantitative Scorecard Indicators assigned to syndicates representing c.94% of the market’s capacity.
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Date | Document Type | Title | |
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03 Oct 2024 | Syndicate Profile | Syndicate 1618 | |
03 Oct 2024 | Syndicate Profile | Syndicate 1183 | |
01 Oct 2024 | Lloyd's Market Report | Lloyd's Interim Results H1 2024 | |
30 Sep 2024 | Lloyd's Market Information | Years of Account left open beyond 36 months (active Syndicates) | |
30 Sep 2024 | Lloyd's Market Information | Annual Results and Group Resources | |
12 Sep 2024 | Syndicate Profile | Syndicate 1322 | |
09 Sep 2024 | Data / Peer Analysis | Syndicate Peer Analysis | |
09 Sep 2024 | Data / Peer Analysis | Lloyd's Syndicate Peer Data | |
04 Sep 2024 | Lloyd's Market Report | Lloyd’s Monitor September 2024 | |
03 Sep 2024 | Lloyd's Market Report | Lloyd's Research Report 2024 | |
28 Aug 2024 | Managing Agency Profile | Apollo Syndicate Management Limited | |
26 Aug 2024 | Managing Agency Profile | Travelers Syndicate Management Limited | |
26 Aug 2024 | Managing Agency Profile | Talbot Underwriting Ltd | |
26 Aug 2024 | Managing Agency Profile | Inigo Managing Agent Limited | |
26 Aug 2024 | Managing Agency Profile | Starr Managing Agents Limited | |
26 Aug 2024 | Managing Agency Profile | Sirius International Managing Agency | |
26 Aug 2024 | Managing Agency Profile | RenaissanceRe Syndicate Management Limited | |
26 Aug 2024 | Managing Agency Profile | QBE Underwriting Limited | |
26 Aug 2024 | Managing Agency Profile | Probitas | |
26 Aug 2024 | Managing Agency Profile | Hamilton Managing Agency Limited | |
26 Aug 2024 | Managing Agency Profile | Newline Underwriting Management Limited | |
26 Aug 2024 | Managing Agency Profile | Nephila Syndicate Management Limited | |
26 Aug 2024 | Managing Agency Profile | Hartford Underwriting Agency Limited | |
26 Aug 2024 | Managing Agency Profile | Munich Re Syndicate Limited | |
26 Aug 2024 | Managing Agency Profile | S A Meacock & Company Limited | |
26 Aug 2024 | Managing Agency Profile | Markel Syndicate Management Limited | |
26 Aug 2024 | Managing Agency Profile | Managing Agency Partners Limited | |
26 Aug 2024 | Managing Agency Profile | Liberty Managing Agency Limited | |
26 Aug 2024 | Managing Agency Profile | Tokio Marine Kiln Syndicates Limited | |
26 Aug 2024 | Managing Agency Profile | Hiscox Syndicates Limited | |
26 Aug 2024 | Managing Agency Profile | HCC Underwriting Agency Limited | |
26 Aug 2024 | Managing Agency Profile | Hardy (Underwriting Agencies) Limited | |
26 Aug 2024 | Managing Agency Profile | Faraday Underwriting Limited | |
26 Aug 2024 | Managing Agency Profile | IQUW Syndicate Management Limited | |
26 Aug 2024 | Managing Agency Profile | Dale Managing Agency Limited | |
26 Aug 2024 | Managing Agency Profile | Cincinnati Global Underwriting Agency Limited | |
26 Aug 2024 | Managing Agency Profile | Chubb Underwriting Agencies Limited | |
26 Aug 2024 | Managing Agency Profile | Chaucer Syndicates Limited | |
26 Aug 2024 | Managing Agency Profile | SCOR Managing Agency Ltd | |
26 Aug 2024 | Managing Agency Profile | AXA XL Underwriting Agencies Limited | |
26 Aug 2024 | Managing Agency Profile | Lancashire Syndicates Limited | |
26 Aug 2024 | Managing Agency Profile | Polo Managing Agency Limited | |
26 Aug 2024 | Managing Agency Profile | Canopius Managing Agents Limited | |
26 Aug 2024 | Managing Agency Profile | Brit Syndicates Limited | |
26 Aug 2024 | Managing Agency Profile | Blenheim Underwriting Limited | |
26 Aug 2024 | Managing Agency Profile | W.R. Berkley Syndicate Management Limited | |
26 Aug 2024 | Managing Agency Profile | Beazley Furlonge Limited | |
26 Aug 2024 | Managing Agency Profile | Arch Managing Agency Limited | |
26 Aug 2024 | Managing Agency Profile | Axis Managing Agency Limited | |
26 Aug 2024 | Managing Agency Profile | Atrium Underwriters Limited | |
26 Aug 2024 | Managing Agency Profile | Asta Managing Agency Limited | |
26 Aug 2024 | Managing Agency Profile | Aspen Managing Agency Limited | |
26 Aug 2024 | Managing Agency Profile | Ascot Underwriting Limited | |
26 Aug 2024 | Managing Agency Profile | Ark Syndicate Management Limited | |
26 Aug 2024 | Managing Agency Profile | Ariel Re Managing Agency Limited | |
26 Aug 2024 | Managing Agency Profile | Westfield Specialty Managing Agency Limited | |
26 Aug 2024 | Managing Agency Profile | Argenta Syndicate Management Ltd | |
26 Aug 2024 | Managing Agency Profile | Antares Managing Agency Limited | |
26 Aug 2024 | Managing Agency Profile | MS Amlin Underwriting Limited | |
26 Aug 2024 | Managing Agency Profile | Allied World Managing Agency Limited | |
26 Aug 2024 | Managing Agency Profile | AEGIS Managing Agency Limited | |
21 Aug 2024 | Lloyd's Market Information | Managing Agent Forecasts | |
19 Aug 2024 | Syndicate Continuity Opinions Executive Summary | Summary Continuity Opinions Research | |
14 Feb 2024 | Lloyd's Market Information | Syndicates and Sub-Syndicates Trading at Lloyd's | |
14 Feb 2024 | Lloyd's Market Information | Managing Agencies Trading at Lloyd's | |
19 Aug 2024 | Lloyd's Market Information | Underwriting Results by Syndicate | |
19 Aug 2024 | Lloyd's Market Information | Indicative Syndicate Capacities | |
19 Aug 2024 | Syndicate Profile | Syndicate 0386 | |
19 Aug 2024 | Syndicate Profile | Syndicate 2999 | |
19 Aug 2024 | Syndicate Profile | Syndicate 3000 | |
19 Aug 2024 | Syndicate Profile | Syndicate 4711 | |
18 Aug 2024 | Syndicate Profile | Syndicate 6134 | |
18 Aug 2024 | Syndicate Profile | Syndicate 6117 | |
18 Aug 2024 | Syndicate Profile | Syndicate 6107 | |
18 Aug 2024 | Syndicate Profile | Syndicate 6104 | |
18 Aug 2024 | Syndicate Profile | Syndicate 6103 | |
18 Aug 2024 | Syndicate Profile | Syndicate 5886 | |
18 Aug 2024 | Syndicate Profile | Syndicate 5623 | |
18 Aug 2024 | Syndicate Profile | Syndicate 5183 | |
18 Aug 2024 | Syndicate Profile | Syndicate 5000 | |
18 Aug 2024 | Syndicate Profile | Syndicate 4747 | |
18 Aug 2024 | Syndicate Profile | Syndicate 4472 | |
18 Aug 2024 | Syndicate Profile | Syndicate 4444 | |
18 Aug 2024 | Syndicate Profile | Syndicate 4242 | |
18 Aug 2024 | Syndicate Profile | Syndicate 4141 | |
18 Aug 2024 | Syndicate Profile | Syndicate 4020 | |
18 Aug 2024 | Syndicate Profile | Syndicate 4000 | |
18 Aug 2024 | Syndicate Profile | Syndicate 3939 | |
18 Aug 2024 | Syndicate Profile | Syndicate 3902 | |
18 Aug 2024 | Syndicate Profile | Syndicate 3624 | |
18 Aug 2024 | Syndicate Profile | Syndicate 3623 | |
18 Aug 2024 | Syndicate Profile | Syndicate 3622 | |
18 Aug 2024 | Syndicate Profile | Syndicate 3456 | |
18 Aug 2024 | Syndicate Profile | Syndicate 3123 | |
18 Aug 2024 | Syndicate Profile | Syndicate 3010 | |
18 Aug 2024 | Syndicate Profile | Syndicate 3002 | |
18 Aug 2024 | Syndicate Profile | Syndicate 2988 | |
18 Aug 2024 | Syndicate Profile | Syndicate 2987 | |
18 Aug 2024 | Syndicate Profile | Syndicate 2880 |