Skip to main content

Lloyd’s reports strong preliminary results for Full Year 2023

07 Mar 2024

Lloyd’s, the world’s leading marketplace for insurance and reinsurance, today provided a trading update[1] for its 2023 Full Year (FY23) financial performance. The full results will be released on 28 March 2024, accompanied by guidance on expectations for Lloyd’s Full Year 2024 results. 

Key FY23 figures (unassured):

  • 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).

[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.   

“2023 was an outstanding year for the Lloyd’s market. We continued to see sustainable, profitable growth and performance, leading to our best underwriting result in recent history and a rock solid balance sheet that gives us and our stakeholders confidence in an uncertain environment.
We will maintain our focus on underwriting and capital discipline and we look forward to announcing our full results and strategic progress later this month.”
Burkhard Keese, Lloyd’s CFO

Notes to Editors

  • Lloyd’s will announce its final 2023 Full Year financial results on 28 March 2024 following completion of the relevant audit and assurance work and approval by the Council of Lloyd’s.
  • This release has been approved by the Council of Lloyd’s.

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 380 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.