Lloyd's of London, the world's leading insurance and reinsurance company, has reported solid financial results for the first half of 2023.
The turnover went up from 24 billion GBP (29.2 billion USD) as at 30 June 2022 to 29.3 billion GBP (37 billion USD) a year later, representing a 22% increase. This growth was driven by the performance of new and existing syndicates, exchange rate movements and higher risk-adjusted rates.
Over the period under consideration, the underwriting result climbed by 108.4% to 2.5 billion GBP (3.2 billion USD). The combined ratio has improved by 6.2 points to 85.2%.
After posting a half-year loss of 1.8 billion GBP (2.2 billion USD) in 2022, Lloyd's of London was back to profit on 30 June 2023. The pre-tax profit at that date amounted to 3.9 billion GBP (4.9 billion USD).
Read also | Top 20 Lloyd's syndicates [4]