S&P upgrades Lloyd's of London rating

Standard & Poor's (S&P) has upgraded the financial strength rating of Lloyd's of London from "A+" to "AA-". The outlook is stable.

This decision is based on the company's improved balance sheet strength, which was described as excellent. The rating also reflects Lloyd's strong capital and solvency positions, good underwriting and investment performance, and substantial turnover growth in the first half of 2023.

The world's leading insurance and reinsurance company had reported a premium volume of 29.3 billion GBP (37 billion USD) as at 30 June of the current financial year, up by 21.9% over one year.

S&P believes that the insurer's improved performance is partly attributable to the corrective measures taken by the London-based group, including stricter underwriting discipline thanks to better supervision of syndicates.