Lloyd’s Interim Results H1 2023
September 8th 2023 – The Lloyd’s Market reported an underwriting profit of £2,500m on a combined ratio of 85.2% for the six months to 30 June 2023 (H1 2022 £1,217m and 91.4%). The investment return was a gain of £1,808m (H1 2022 -3,122m), generating an overall pre-tax profit of £3,920m or 23.2% of net premiums earned (H1 2022 loss of £1,801m, -12.7% NPE), equivalent to an annualised return on average capital of 19.5% (H1 2022 -9.8%).
The combined ratio improved by 6.2 percentage points (pp), while the attritional loss ratio deteriorated by 2pp to 50.9%. The expense ratio was stable at 35.4%. Major claims contributed 3.6% of net premiums earned (H1 2022 9.9%), marking a relatively light period for catastrophe losses. Prior year reserve releases were 4.7% of net premiums earned (H1 2022 2.8%). Lloyd’s target combined ratio for 2023 is less than 95%.
The investment profit of £1,808m, representing an investment return of 1.9%, was aided by the unwind of valuation losses previously reported and the benefit of higher reinvestment yields. Lloyd’s is targeting total investment performance of more than 3% for 2023. Asset allocation remains conservative with 69% held in corporate and government bonds and 23% in cash and LOCs. Equities and alternative assets were 8% of the total.
Gross premiums written rose 21.9% to £29.3bn with FX movements (chiefly the US dollar against sterling) generating 4.1% and volume growth 8.7%. Price rises contributed 9.1%, marking 22 consecutive quarters of positive price improvement. Growth and price increases were driven largely by the Property segment offset by less attractive conditions in some areas of Casualty.
Total capital / net resources, including the Corporation’s subordinated debt, increased by 1.4% to £40.8bn. Lloyd’s Central Solvency Capital Requirement (CSCR) coverage ratio was 438% at 30 June 2023 (FY 2022 412%) compared to Lloyd’s risk appetite / minimum of 200%. The Market-wide Solvency Capital Ratio was 194% at 30 June 2023 (FY 2022 181%).
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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 68% of the market’s capacity, with quantitative Scorecard Indicators assigned to syndicates representing c.93% of the market’s capacity.
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Date | Document Type | Title | |
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10 Sep 2023 | Data / Peer Analysis | Lloyd's Syndicate Peer Data | |
10 Sep 2023 | Data / Peer Analysis | Syndicate Peer Analysis | |
10 Sep 2023 | Lloyd's Market Information | Managing Agent Forecasts | |
12 Jan 2023 | Lloyd's Market Information | Syndicates Trading 1993 and Subsequent | |
15 Aug 2023 | Lloyd's Market Report | Lloyd’s Monitor August 2023 | |
15 Aug 2023 | Lloyd's Market Information | Annual Results and Group Resources | |
19 Apr 2023 | Lloyd's Market Information | Underwriting Results by Syndicate | |
15 Aug 2023 | Lloyd's Market Report | Lloyd's Research Report 2023 | |
14 Aug 2023 | Syndicate Profile | Syndicate 1221 | |
14 Aug 2023 | Syndicate Profile | Syndicate 2001 | |
16 Feb 2023 | Lloyd's Market Information | Managing Agencies Trading at Lloyd's | |
16 Feb 2023 | Lloyd's Market Information | Syndicates and Sub-Syndicates Trading at Lloyd's | |
10 Aug 2023 | Syndicate Continuity Opinions Executive Summary | Summary Continuity Opinions Research | |
10 Aug 2023 | Continuity Opinion Action | Syndicate 2001 B^ (Average) Continuity Opinion Affirmed, Stable Outlook | |
09 Aug 2023 | Continuity Opinion Action | Syndicate 1221 B^ (Average) Continuity Opinion Affirmed, Stable Outlook | |
07 Aug 2023 | Syndicate Profile | Syndicate 1996 | |
03 Aug 2023 | Lloyd's Market Information | Indicative Syndicate Capacities | |
02 Aug 2023 | Syndicate Profile | Syndicate 6136 | |
02 Aug 2023 | Syndicate Profile | Syndicate 6134 | |
02 Aug 2023 | Syndicate Profile | Syndicate 6117 | |
02 Aug 2023 | Syndicate Profile | Syndicate 6107 | |
02 Aug 2023 | Syndicate Profile | Syndicate 6104 | |
02 Aug 2023 | Syndicate Profile | Syndicate 6103 | |
02 Aug 2023 | Syndicate Profile | Syndicate 5886 | |
02 Aug 2023 | Syndicate Profile | Syndicate 5623 | |
02 Aug 2023 | Syndicate Profile | Syndicate 5183 | |
02 Aug 2023 | Syndicate Profile | Syndicate 5000 | |
02 Aug 2023 | Syndicate Profile | Syndicate 4747 | |
02 Aug 2023 | Syndicate Profile | Syndicate 4711 | |
02 Aug 2023 | Syndicate Profile | Syndicate 4472 | |
02 Aug 2023 | Syndicate Profile | Syndicate 4444 | |
02 Aug 2023 | Syndicate Profile | Syndicate 4321 | |
02 Aug 2023 | Syndicate Profile | Syndicate 4242 | |
02 Aug 2023 | Syndicate Profile | Syndicate 4141 | |
02 Aug 2023 | Syndicate Profile | Syndicate 4020 | |
02 Aug 2023 | Syndicate Profile | Syndicate 4000 | |
02 Aug 2023 | Syndicate Profile | Syndicate 3902 | |
02 Aug 2023 | Syndicate Profile | Syndicate 3624 | |
02 Aug 2023 | Syndicate Profile | Syndicate 3622 | |
02 Aug 2023 | Syndicate Profile | Syndicate 3456 | |
02 Aug 2023 | Syndicate Profile | Syndicate 3010 | |
02 Aug 2023 | Syndicate Profile | Syndicate 3002 | |
02 Aug 2023 | Syndicate Profile | Syndicate 3000 | |
02 Aug 2023 | Syndicate Profile | Syndicate 2999 | |
02 Aug 2023 | Syndicate Profile | Syndicate 2988 | |
02 Aug 2023 | Syndicate Profile | Syndicate 2987 | |
02 Aug 2023 | Syndicate Profile | Syndicate 2880 | |
02 Aug 2023 | Syndicate Profile | Syndicate 2791 | |
02 Aug 2023 | Syndicate Profile | Syndicate 2786 | |
02 Aug 2023 | Syndicate Profile | Syndicate 2689 | |
02 Aug 2023 | Syndicate Profile | Syndicate 2623 | |
02 Aug 2023 | Syndicate Profile | Syndicate 2525 | |
02 Aug 2023 | Syndicate Profile | Syndicate 2488 | |
02 Aug 2023 | Syndicate Profile | Syndicate 2358 | |
02 Aug 2023 | Syndicate Profile | Syndicate 2357 | |
02 Aug 2023 | Syndicate Profile | Syndicate 2232 | |
02 Aug 2023 | Syndicate Profile | Syndicate 2121 | |
02 Aug 2023 | Syndicate Profile | Syndicate 2019 | |
02 Aug 2023 | Syndicate Profile | Syndicate 2015 | |
02 Aug 2023 | Syndicate Profile | Syndicate 2012 | |
02 Aug 2023 | Syndicate Profile | Syndicate 2010 | |
02 Aug 2023 | Syndicate Profile | Syndicate 2003 | |
02 Aug 2023 | Syndicate Profile | Syndicate 2001 | |
02 Aug 2023 | Syndicate Profile | Syndicate 1988 | |
02 Aug 2023 | Syndicate Profile | Syndicate 1985 | |
02 Aug 2023 | Syndicate Profile | Syndicate 1971 | |
02 Aug 2023 | Syndicate Profile | Syndicate 1969 | |
02 Aug 2023 | Syndicate Profile | Syndicate 1967 | |
02 Aug 2023 | Syndicate Profile | Syndicate 1955 | |
02 Aug 2023 | Syndicate Profile | Syndicate 1947 | |
02 Aug 2023 | Syndicate Profile | Syndicate 1945 | |
02 Aug 2023 | Syndicate Profile | Syndicate 1919 | |
02 Aug 2023 | Syndicate Profile | Syndicate 1910 | |
02 Aug 2023 | Syndicate Profile | Syndicate 1902 | |
02 Aug 2023 | Syndicate Profile | Syndicate 1892 | |
02 Aug 2023 | Syndicate Profile | Syndicate 1880 | |
02 Aug 2023 | Syndicate Profile | Syndicate 1856 | |
02 Aug 2023 | Syndicate Profile | Syndicate 1796 | |
02 Aug 2023 | Syndicate Profile | Syndicate 1729 | |
02 Aug 2023 | Syndicate Profile | Syndicate 1699 | |
02 Aug 2023 | Syndicate Profile | Syndicate 1686 | |
02 Aug 2023 | Syndicate Profile | Syndicate 1618 | |
02 Aug 2023 | Syndicate Profile | Syndicate 1609 | |
02 Aug 2023 | Syndicate Profile | Syndicate 1492 | |
02 Aug 2023 | Syndicate Profile | Syndicate 1458 | |
02 Aug 2023 | Syndicate Profile | Syndicate 1416 | |
02 Aug 2023 | Syndicate Profile | Syndicate 1414 | |
02 Aug 2023 | Syndicate Profile | Syndicate 1347 | |
02 Aug 2023 | Syndicate Profile | Syndicate 1322 | |
02 Aug 2023 | Syndicate Profile | Syndicate 1301 | |
02 Aug 2023 | Syndicate Profile | Syndicate 1274 | |
02 Aug 2023 | Syndicate Profile | Syndicate 1225 | |
02 Aug 2023 | Syndicate Profile | Syndicate 1221 | |
02 Aug 2023 | Syndicate Profile | Syndicate 1218 | |
02 Aug 2023 | Syndicate Profile | Syndicate 1200 | |
02 Aug 2023 | Syndicate Profile | Syndicate 1183 | |
02 Aug 2023 | Syndicate Profile | Syndicate 1176 | |
02 Aug 2023 | Syndicate Profile | Syndicate 1084 | |
02 Aug 2023 | Syndicate Profile | Syndicate 0727 |