Lloyd's of London: 2024 results

Lloyd's of London closed the 2024 financial year with a turnover of 55.5 billion GBP (69.7 billion USD), up 6.5% compared to the 52.1 billion GBP (66.3 billion USD) recorded in 2023. Profit before tax amounted to 9.6 billion GBP (12.1 billion USD) against 10.7 billion GBP (13.6 billion USD) a year earlier, that is a 10.3% decrease.

The underwriting result fell from 5.9 billion GBP (7.5 billion USD) at 31 December 2023 to 5.3 billion GBP (6.7 billion USD) twelve months later, a decline of 10.2%. The combined ratio deteriorated by 2.9 points to 86.9%. The latter was impacted by major catastrophic losses, particularly hurricanes Milton and Helene and the collapse of the Baltimore Bridge in the United States.

Investment income fell by 7.5% to 4.9 billion GBP (6.2 billion USD).

The solvency ratio of the British giant stood at 435%.