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Lloyd’s reports £3.9bn profit at Half Year 2023

07 Sep 2023

Key figures

The key figures reported in Lloyd’s 2023 half year results are:

  • Gross written premium of £29.3bn (HY 2022: £24.0bn)
  • Underwriting profit of £2.5bn (HY 2022: £1.2bn)
  • Combined ratio of 85.2% (HY 2022: 91.4%)
  • Net investment return of £1.8bn (HY 2022: loss of £3.1bn)
  • Profit before tax of £3.9bn (HY 2022: loss of £1.8bn)
  • Total capital of £40.8bn (FY 2022: £40.2bn)
  • Central solvency ratio of 438% (FY 2022: 412%)
  • Market-wide solvency ratio of 194% (FY 2022: 181%)

Lloyd’s, the world’s leading marketplace for insurance and reinsurance, today announced a strong set of results for the first six months of 2023, with an underwriting profit of £2.5bn (HY 2022: £1.2bn), an investment return of £1.8bn (HY 2022: £3.1bn loss) and a profit before tax of £3.9bn (HY 2022: loss of £1.8bn).

The market’s combined ratio improved 6.2 percentage points to 85.2% (HY 2022: 91.4%) demonstrating continued progress in underwriting performance.

Lloyd’s continued to support profitable underwriting growth, with gross written premium increasing 21.9% to £29.3bn driven by growth from existing syndicates (6.5%), new syndicates (2.2%), foreign currency movements (4.1%) and risk-adjusted rate increases (9.1%). Major claims represented 3.6% of losses in the first half of the year.

Lloyd’s balance sheet continued to strengthen with a central solvency ratio of 438% and market-wide solvency ratio of 194%, showing the market’s capital discipline and resilience through a range of market conditions.

“We’re pleased to be reporting a strong set of results for the year so far – with profitability in both our underwriting and investments; a leading combined ratio, strong premium growth and a bulletproof balance sheet that means we can support customers through a range of shocks and scenarios.

Combined with the market’s progress in driving sustainable performance, digitalisation and showing leadership from climate transition to culture change – these results set us up to deliver on our positive financial outlook for 2023.”
John Neal - CEO, Lloyd’s

Notes to Editors

  1. For further detail on any forward-looking statements please refer to the 2023 Half Year Results.
  2. 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.
  3. Total capital includes capital, reserves and subordinated loan notes as reported in the Pro Forma Balance Sheet.
  4. Lloyd’s strong financial strength ratings are A+ (Strong) stable outlook with Standard & Poor’s, A (Excellent) positive outlook with A.M. Best, AA- (Very Strong) stable outlook with Fitch Ratings and AA- (Very Strong) stable outlook with Kroll Bond Rating Agency.
  5. Members’ resources operate on a several basis and are only available to meet each member’s share of claims. Central assets are available at the Council’s discretion to meet the liabilities of any member on a mutual basis.
  6. Foreign exchange rates may materially fluctuate from the rates prevailing at 30 June 2023 (GBP1 = USD1.27, EUR1.17). Premiums, claims and investment income are translated at the average exchange rate for the period to 30 June 2023 (GBP1 = USD1.23, EUR1.14).
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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.

We’re made up of more than 50 leading insurance companies, over 200 registered Lloyd’s brokers and a global network of over 4,000 local coverholders. Behind the Lloyd’s market is the Corporation: an independent organisation and regulator working to maintain the market's successful reputation and operation.

We’re working to build solutions for the most current and prevalent threats. As Chair of the Insurance Task Force for HM King Charles III’s Sustainable Markets Initiative, Lloyd’s is bringing the industry together to insure the transition to net zero. Our research community is pooling expertise from across the industry to provide cutting edge insight on systemic risks from climate change to cyber security.

And through our digital-led strategy, The Future at Lloyd’s, we’re making it easier and cheaper to place, price and process cover in the Lloyd’s market.