Lloyd's of London has ended the 2023 financial year with an 11.6% increase in turnover to 52.1 billion GBP (65.1 billion USD).
The underwriting result reached 5.9 billion GBP (7.5 billion USD), against 2.6 billion GBP (3.1 billion USD) at the end of 2022. This growth was driven by lower costs for large risks and natural catastrophe claims. This is the best result recorded by the British insurer since 2007.
The combined ratio improved by 7.9 points, from 91.9% in 2022 to 84% in 2023.
After recording a pre-tax loss of 800 million GBP (964.7 million USD) in 2022, Lloyd's of London was profitable again by 31 December 2023, as pre-tax profits had risen to 10.7 billion GBP (13.6 billion USD).
During the reporting period, return on investment amounted to 5.3 billion GBP (6.7 billion USD), compared with a loss of 3.1 billion GBP (3.7 billion USD) a year earlier.
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