Lloyd’s reports strong preliminary results for Full Year 2024

10 Mar 2025

Lloyd’s, the world’s leading marketplace for insurance and reinsurance, today provides a trading update¹ for its 2024 Full Year (FY24) financial performance. The full results will be released on 20 March 2025, accompanied by guidance on expectations for Lloyd’s Full Year 2025 results.

FY24 key figures (unassured):

Gross Written Premium increased by 6.5% to £55.5bn (FY 2023: £52.1bn) reflecting 8.5% growth, primarily in the property and reinsurance segments which had a strong underwriting performance in the year, 0.3% price change and FX movements of (2.3)%.
The market’s combined ratio is 86.9%, an increase of 2.9 percentage points from the prior year (FY 2023: 84.0%), driven by major claims in the second half of the year. Excluding large losses, the underlying combined ratio is 79.1% (FY 2023: 80.5%).
The attritional loss ratio improved to 47.1% reflecting continued underwriting discipline (FY 2023: 48.3%), while the expense ratio remained flat at 34.4%(FY 2023: 34.4%).
The investment return is £4.9bn (FY 2023: £5.3bn), with the portfolio benefitting from another year of high interest rates, notwithstanding some market volatility in the fourth quarter.
Underwriting profit is £5.3bn (FY 2023: £5.9bn) and profit before tax is £9.6bn (2023: £10.7bn).

Whilst not included in the FY24 result, based on the information currently available, we estimate the net loss to the market for the Californian wildfires to be approximately $2.3bn.

“2024 saw us maintain our focus on strong profitability and disciplined growth. Our market has delivered another excellent underwriting year for our investors, while providing best in class solutions for our customers to protect their business flows and balance sheets.

“We would like to extend our deepest sympathies to those affected by the California fires earlier this year. Although we are still assessing the full impact, we do not expect this to be a capital event.”

Quote by Burkhard Keese, Lloyd’s CFO

^{[1] The information included in the trading update is subject to the completion of on-going assurance procedures performed on the Pro-Forma Financial Statements by Lloyd’s auditors and approval by the Council of Lloyd’s.}

Notes to Editors

A combined ratio is a measure of an insurer’s underwriting profitability based on the ratio of net incurred claims plus net operating expenses to net earned premiums. A combined ratio of 100% is break even (before taking into account investment returns). A ratio less than 100% is an underwriting profit.
Underlying combined ratio is the combined ratio excluding major claims.
Lloyd’s ratings are AA- (Very Strong) stable outlook with S&P Global, AA- (Superior) stable outlook with AM Best, AA- (Very Strong) stable outlook with Fitch Ratings, AA- (Very Strong) stable outlook with KBRA.
Foreign exchange rates may materially fluctuate from the rates prevailing at 31 December 2024 (GBP1 = USD1.25, EUR1.21). Premiums, claims and investment income are translated at the average exchange rate for the period to 31 December 2024 (GBP1 = USD1.28, EUR1.18).
More news and information available from Lloyds.com.

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About Lloyd's

Lloyd’s is the world’s leading marketplace for insurance and reinsurance. Through the collective intelligence and expertise of the market’s underwriters and brokers, we’re sharing risk to create a braver world.

The Lloyd’s market offers the resources, capability, and insight to develop new and innovative products for customers in any industry, on any scale, in more than 200 territories.

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