Lloyd's of London has ended the financial year 2022 with a 19% increase in its turnover, all activities combined (insurance and reinsurance). The premium volume went up from 39.2 billion GBP (52.9 billion USD) on 31 December 2021 to 46.7 billion GBP (56.3 billion USD) one year later.
The technical operations result amounted to 2.7 billion GBP (3.3 billion USD), showing a 53% growth over one year. This is the best figure recorded by the London-based group since 2015. The combined ratio gained 1.6 points to stand at 91.9%.
By the end of 2022, despite its good technical results, the British insurer has posted a pre-tax loss of 800 million GBP (964.7 million USD) against a pre-tax profit of 2.3 billion GBP in 2021. The loss on investment came to 3.1 billion GBP (3.7 billion USD).
The solvency ratio has climbed to 412% against 388% in 2021.
Lloyd's of London [4] is expecting a turnover of 56 billion GBP (67.5 billion USD) and a combined ratio below 95% for the year 2023.