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Lloyd’s reports strong preliminary results for Full Year 2023

07 Mar 2024

Today Lloyd’s has announced their preliminary 2023 Full Year financial results. The preliminary results, which are subject to finalisation of audit and approval reflect the following headline figures:

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).

This is a good result, supported and endorsed by S&P re-rating its Financial Strength Rating for the Lloyd’s Market (to AA-) in December, and a level of good performance that must be maintained. Lloyd’s will be providing further detail on the 28 March when they formally release their results for Full Year 23.

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Lloyd’s reports strong preliminary results for Full Year 2023

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