Global: Lloyd's reports strong preliminary results for 2023
Source: Middle East Insurance Review | Apr 2024
Last month, Lloyd’s provided a trading update for its 2023 full year (FY23) financial performance.
The announced (unassured) FY23 figures stated that gross written premium increased by 11.6% to GBP52.1bn ($65.6bn) (FY 2022: GBP46.7bn) 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 GBP5.3bn (FY 2022: loss of GBP3.1bn), reflects the higher interest rate environment and the unwind of the mark to market accounting treatment on fixed income portfolios. Underwriting profit increased GBP3.3bn to GBP5.9bn (FY 2022: GBP2.6bn). M