Lloyd’s has unveiled its preliminary financial performance for the Full Year 2023 (FY23). The comprehensive results are scheduled for release on 28 March 2024, alongside projections for Lloyd’s Full Year 2024 results.
The Lloyd’s market in it’s entirety, currently offers the resources, capability, and insight to develop new and innovative products for customers in any industry, on any scale, in more than 200 territories.
Key figures for FY23 (unassured) include:
- Gross Written Premium surged by 11.6% to £52.1 billion, marking a significant rise from £46.7 billion in FY 2022, driven by a 4% organic growth and 7% price change.
- The market’s combined ratio demonstrated notable improvement, dropping 7.9 percentage points from the preceding year to 84.0% (FY 2022: 91.9%).
- The attritional loss ratio remained steady at 48.3% (FY 2022: 48.4%), while the expense ratio remained unchanged at 34.4% (FY 2022: 34.4%).
- An investment return of £5.3 billion was recorded, a significant turnaround from the £3.1 billion loss in FY 2022. This reflects the higher interest rate environment and the unwinding of the Mark to Market accounting treatment on fixed-income portfolios.
- Underwriting profit soared to £5.9 billion, an increase of £3.3 billion from FY 2022’s £2.6 billion.
Burkhard Keese, Lloyd’s CFO, commented on the exceptional performance, stating, “2023 was an outstanding year for the Lloyd’s market. We continued to see sustainable, profitable growth and performance, leading to our best underwriting result in recent history and a rock solid balance sheet that gives us and our stakeholders confidence in an uncertain environment.”
He added: “We will maintain our focus on underwriting and capital discipline and we look forward to announcing our full results and strategic progress later this month.”
