REG - Lloyds Of London - Annual Financial Report
20/03/2025 08:15
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RNS Number : 4627B Lloyds Of London 20 March 2025
Lloyd's reports sustainable, profitable performance in 2024
Lloyd's, the world's leading marketplace for insurance and reinsurance, today
announces its full year 2024 financial result.
The key figures reported in Lloyd's 2024 full year results are:
· Gross written premium of £55.5bn (2023: £52.1bn)
· Underwriting result of £5.3bn (2023: £5.9bn)
· Combined ratio of 86.9% (2023: 84.0%)
· Underlying combined ratio of 79.1% (2023: 80.5%)
· Profit before tax of £9.6bn (2023: £10.7bn)
· Attritional loss ratio of 47.1% (2023: 48.3%)
· Investment return of £4.9bn (2023: £5.3bn)
· Total capital, reserves and subordinated loan notes of £47.1bn
(2023: £45.3bn)
· Central solvency ratio of 435% (2023: 503%)
Highlights
2024 saw the continuation of positive returns, with profit before tax of
£9.6bn (2023: £10.7bn), consisting of an underwriting result of £5.3bn
(2023: £5.9bn) and an investment return of £4.9bn (2023: £5.3bn).
Lloyd's reported a 6.5% increase in premiums written in the market, raising
the gross written premium to £55.5bn (2023: £52.1bn), primarily driven by
volume of 8.5% (7.6% from existing and 0.9% from new syndicates). Price
changes (including rate and inflation) contributed 0.3% as rate momentum
stabilised, while foreign exchange movements offset the growth by (2.3)%.
An underlying combined ratio of 79.1% (2023: 80.5%) reflects the market's
ongoing focus on consistent profitability. The major claims ratio rose to 7.8%
in 2024 due to significant catastrophe events, including hurricanes Milton and
Helene and the Baltimore Bridge collision. The strong financial performance
was underpinned by an improved attritional loss ratio of 47.1% (2023: 48.3%),
prior year releases of 2.4% (2023: 2.2%), and a stable expense ratio of 34.4%
to deliver a combined ratio of 86.9% (2023: 84.0%).
Investment performance in 2024 benefitted from another year of higher interest
rates, delivering a return of £4.9bn (2023: £5.3bn) with mark-to-market
losses from fourth quarter market volatility driving the reduction in
investment returns compared to the prior year.
The central solvency ratio remains strong at 435% (2023: 503%) reflecting
continued market growth and capital management actions to reduce debt. The
renewal of the Central Fund cover in 2024 further supports Lloyd's long-term
market growth and enhances our financial strength, providing assurance to
capital providers and customers alike. Following an upgrade by AM Best in
2024, all four of Lloyd's financial strength ratings are now at AA- or
equivalent, the highest ratings Lloyd's has ever achieved.
John Neal, CEO of Lloyd's, said: "The Lloyd's market has delivered another
year of outstanding financial performance, with a superb combined ratio,
underlying combined ratio and attritional loss ratio supporting a capital
position and claims reserve strength that is as strong as it has ever
been.
"This excellent result demonstrates the market's ability to deliver
sustainable and attractive returns for investors, and provide solutions to
protect our customers' balance sheets. I would like to congratulate members of
the market for their disciplined underwriting and profitable growth and thank
Corporation employees for their commitment and support in 2024."
Lloyd's reports sustainable, profitable performance in 2024
Lloyd's, the world's leading marketplace for insurance and reinsurance, today
announces its full year 2024 financial result.
The key figures reported in Lloyd's 2024 full year results are:
· Gross written premium of £55.5bn (2023: £52.1bn)
· Underwriting result of £5.3bn (2023: £5.9bn)
· Combined ratio of 86.9% (2023: 84.0%)
· Underlying combined ratio of 79.1% (2023: 80.5%)
· Profit before tax of £9.6bn (2023: £10.7bn)
· Attritional loss ratio of 47.1% (2023: 48.3%)
· Investment return of £4.9bn (2023: £5.3bn)
· Total capital, reserves and subordinated loan notes of £47.1bn
(2023: £45.3bn)
· Central solvency ratio of 435% (2023: 503%)
Highlights
2024 saw the continuation of positive returns, with profit before tax of
£9.6bn (2023: £10.7bn), consisting of an underwriting result of £5.3bn
(2023: £5.9bn) and an investment return of £4.9bn (2023: £5.3bn).
Lloyd's reported a 6.5% increase in premiums written in the market, raising
the gross written premium to £55.5bn (2023: £52.1bn), primarily driven by
volume of 8.5% (7.6% from existing and 0.9% from new syndicates). Price
changes (including rate and inflation) contributed 0.3% as rate momentum
stabilised, while foreign exchange movements offset the growth by (2.3)%.
An underlying combined ratio of 79.1% (2023: 80.5%) reflects the market's
ongoing focus on consistent profitability. The major claims ratio rose to 7.8%
in 2024 due to significant catastrophe events, including hurricanes Milton and
Helene and the Baltimore Bridge collision. The strong financial performance
was underpinned by an improved attritional loss ratio of 47.1% (2023: 48.3%),
prior year releases of 2.4% (2023: 2.2%), and a stable expense ratio of 34.4%
to deliver a combined ratio of 86.9% (2023: 84.0%).
Investment performance in 2024 benefitted from another year of higher interest
rates, delivering a return of £4.9bn (2023: £5.3bn) with mark-to-market
losses from fourth quarter market volatility driving the reduction in
investment returns compared to the prior year.
The central solvency ratio remains strong at 435% (2023: 503%) reflecting
continued market growth and capital management actions to reduce debt. The
renewal of the Central Fund cover in 2024 further supports Lloyd's long-term
market growth and enhances our financial strength, providing assurance to
capital providers and customers alike. Following an upgrade by AM Best in
2024, all four of Lloyd's financial strength ratings are now at AA- or
equivalent, the highest ratings Lloyd's has ever achieved.
John Neal, CEO of Lloyd's, said: "The Lloyd's market has delivered another
year of outstanding financial performance, with a superb combined ratio,
underlying combined ratio and attritional loss ratio supporting a capital
position and claims reserve strength that is as strong as it has ever
been.
"This excellent result demonstrates the market's ability to deliver
sustainable and attractive returns for investors, and provide solutions to
protect our customers' balance sheets. I would like to congratulate members of
the market for their disciplined underwriting and profitable growth and thank
Corporation employees for their commitment and support in 2024."
ENDS
Notes to Editors
· View the full 2024 Annual Report
(https://www.lloyds.com/fullyearresults2024) .
· A combined ratio is a measure of an insurer's underwriting
profitability based on the ratio of net incurred claims plus net operating
expenses to net earned premiums.
· An underlying combined ratio is the combined ratio excluding
major claims.
· Lloyd's financial strength ratings are AA- (Very Strong) stable
outlook with S&P Global, A+ (Superior) stable outlook with AM Best, AA-
(Very Strong) stable outlook with Fitch Ratings, AA- (Very Strong) stable
outlook with KBRA.
· More news and information available from lloyds.com.
Enquiries to:
UK:
+44 (0) 20 7327 5111 | pressoffice@lloyds.com
About Lloyd's
Lloyd's is the world's leading marketplace for insurance and reinsurance.
Through the collective intelligence and expertise of the market's underwriters
and brokers, we're sharing risk to create a braver world.
The Lloyd's market 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.
We're made up of more than 50 leading insurance companies, over 380 registered
Lloyd's brokers and a global network of over 4,000 local coverholders. Behind
the Lloyd's market is the Corporation: an independent organisation and
regulator working to maintain the market's successful reputation and
operation.
We're working to build solutions for the most current and prevalent threats.
As Chair of the Insurance Task Force for HM King Charles III's Sustainable
Markets Initiative, Lloyd's is bringing the industry together to insure the
transition to net zero. Our research community is pooling expertise from
across the industry to provide cutting edge insight on systemic risks from
climate change to cyber security.
And through our digital-led strategy, The Future at Lloyd's
(https://www.lloyds.com/about-lloyds/future-at-lloyds) , we're making it
easier and cheaper to place, price and process cover in the Lloyd's market.
Lloyd's One Lime Street Telephone: +44 (0)20 7327 1000
London EC3M 7HA Fax: +44 (0)20 7627 2389
Website: lloyds.com
The information in the E-Mail and in any attachments is CONFIDENTIAL and may
be privileged. If you are NOT the intended recipient, please destroy this
message and notify the sender immediately. You should NOT retain, copy or use
the E-Mail for any purpose, nor disclose all or any part of the contents to
any other person or persons.
Any views expressed in this message are those of the individual sender, EXCEPT
where the sender specifically states them to be the views of Lloyd's.
Lloyd's may monitor the content of E-Mails sent and received via its network
for viruses or unauthorised use and for other lawful business purposes.
Lloyd's is a registered trade mark of the Society of Lloyd's. Lloyd's is
authorised under the Financial Services and Markets Act 2000. Lloyd's
copyright 2022.
The information in the E-Mail and in any attachments is CONFIDENTIAL and may
be privileged. If you are NOT the intended recipient, please destroy this
message and notify the sender immediately. You should NOT retain, copy or use
the E-Mail for any purpose, nor disclose all or any part of the contents to
any other person or persons.
Any views expressed in this message are those of the individual sender, EXCEPT
where the sender specifically states them to be the views of Lloyd's.
Lloyd's may monitor the content of E-Mails sent and received via its network
for viruses or unauthorised use and for other lawful business purposes.
Lloyd's is a registered trade mark of the Society of Lloyd's. Lloyd's is
authorised under the Financial Services and Markets Act 2000. Lloyd's
copyright 2022.
The information in the E-Mail and in any attachments is CONFIDENTIAL and may
be privileged. If you are NOT the intended recipient, please destroy this
message and notify the sender immediately. You should NOT retain, copy or use
the E-Mail for any purpose, nor disclose all or any part of the contents to
any other person or persons.
Any views expressed in this message are those of the individual sender, EXCEPT
where the sender specifically states them to be the views of Lloyd's.
Lloyd's may monitor the content of E-Mails sent and received via its network
for viruses or unauthorised use and for other lawful business purposes.
Lloyd's is a registered trade mark of the Society of Lloyd's. Lloyd's is
authorised under the Financial Services and Markets Act 2000. Lloyd's
copyright 2022.
Lloyd's reports sustainable, profitable performance in 2024
Lloyd's, the world's leading marketplace for insurance and reinsurance, today
announces its full year 2024 financial result.
The key figures reported in Lloyd's 2024 full year results are:
· Gross written premium of £55.5bn (2023: £52.1bn)
· Underwriting result of £5.3bn (2023: £5.9bn)
· Combined ratio of 86.9% (2023: 84.0%)
· Underlying combined ratio of 79.1% (2023: 80.5%)
· Profit before tax of £9.6bn (2023: £10.7bn)
· Attritional loss ratio of 47.1% (2023: 48.3%)
· Investment return of £4.9bn (2023: £5.3bn)
· Total capital, reserves and subordinated loan notes of £47.1bn
(2023: £45.3bn)
· Central solvency ratio of 435% (2023: 503%)
Highlights
2024 saw the continuation of positive returns, with profit before tax of
£9.6bn (2023: £10.7bn), consisting of an underwriting result of £5.3bn
(2023: £5.9bn) and an investment return of £4.9bn (2023: £5.3bn).
Lloyd's reported a 6.5% increase in premiums written in the market, raising
the gross written premium to £55.5bn (2023: £52.1bn), primarily driven by
volume of 8.5% (7.6% from existing and 0.9% from new syndicates). Price
changes (including rate and inflation) contributed 0.3% as rate momentum
stabilised, while foreign exchange movements offset the growth by (2.3)%.
An underlying combined ratio of 79.1% (2023: 80.5%) reflects the market's
ongoing focus on consistent profitability. The major claims ratio rose to 7.8%
in 2024 due to significant catastrophe events, including hurricanes Milton and
Helene and the Baltimore Bridge collision. The strong financial performance
was underpinned by an improved attritional loss ratio of 47.1% (2023: 48.3%),
prior year releases of 2.4% (2023: 2.2%), and a stable expense ratio of 34.4%
to deliver a combined ratio of 86.9% (2023: 84.0%).
Investment performance in 2024 benefitted from another year of higher interest
rates, delivering a return of £4.9bn (2023: £5.3bn) with mark-to-market
losses from fourth quarter market volatility driving the reduction in
investment returns compared to the prior year.
The central solvency ratio remains strong at 435% (2023: 503%) reflecting
continued market growth and capital management actions to reduce debt. The
renewal of the Central Fund cover in 2024 further supports Lloyd's long-term
market growth and enhances our financial strength, providing assurance to
capital providers and customers alike. Following an upgrade by AM Best in
2024, all four of Lloyd's financial strength ratings are now at AA- or
equivalent, the highest ratings Lloyd's has ever achieved.
John Neal, CEO of Lloyd's, said: "The Lloyd's market has delivered another
year of outstanding financial performance, with a superb combined ratio,
underlying combined ratio and attritional loss ratio supporting a capital
position and claims reserve strength that is as strong as it has ever
been.
"This excellent result demonstrates the market's ability to deliver
sustainable and attractive returns for investors, and provide solutions to
protect our customers' balance sheets. I would like to congratulate members of
the market for their disciplined underwriting and profitable growth and thank
Corporation employees for their commitment and support in 2024."
ENDS
Notes to Editors
· View the full 2024 Annual Report
(https://www.lloyds.com/fullyearresults2024) .
· A combined ratio is a measure of an insurer's underwriting
profitability based on the ratio of net incurred claims plus net operating
expenses to net earned premiums.
· An underlying combined ratio is the combined ratio excluding
major claims.
· Lloyd's financial strength ratings are AA- (Very Strong) stable
outlook with S&P Global, A+ (Superior) stable outlook with AM Best, AA-
(Very Strong) stable outlook with Fitch Ratings, AA- (Very Strong) stable
outlook with KBRA.
· More news and information available from lloyds.com.
Enquiries to:
UK:
+44 (0) 20 7327 5111 | pressoffice@lloyds.com
About Lloyd's
Lloyd's is the world's leading marketplace for insurance and reinsurance.
Through the collective intelligence and expertise of the market's underwriters
and brokers, we're sharing risk to create a braver world.
The Lloyd's market 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.
We're made up of more than 50 leading insurance companies, over 380 registered
Lloyd's brokers and a global network of over 4,000 local coverholders. Behind
the Lloyd's market is the Corporation: an independent organisation and
regulator working to maintain the market's successful reputation and
operation.
We're working to build solutions for the most current and prevalent threats.
As Chair of the Insurance Task Force for HM King Charles III's Sustainable
Markets Initiative, Lloyd's is bringing the industry together to insure the
transition to net zero. Our research community is pooling expertise from
across the industry to provide cutting edge insight on systemic risks from
climate change to cyber security.
And through our digital-led strategy, The Future at Lloyd's
(https://www.lloyds.com/about-lloyds/future-at-lloyds) , we're making it
easier and cheaper to place, price and process cover in the Lloyd's market.
Lloyd's One Lime Street Telephone: +44 (0)20 7327 1000
London EC3M 7HA Fax: +44 (0)20 7627 2389
Website: lloyds.com
The information in the E-Mail and in any attachments is CONFIDENTIAL and may
be privileged. If you are NOT the intended recipient, please destroy this
message and notify the sender immediately. You should NOT retain, copy or use
the E-Mail for any purpose, nor disclose all or any part of the contents to
any other person or persons.
Any views expressed in this message are those of the individual sender, EXCEPT
where the sender specifically states them to be the views of Lloyd's.
Lloyd's may monitor the content of E-Mails sent and received via its network
for viruses or unauthorised use and for other lawful business purposes.
Lloyd's is a registered trade mark of the Society of Lloyd's. Lloyd's is
authorised under the Financial Services and Markets Act 2000. Lloyd's
copyright 2022.
The information in the E-Mail and in any attachments is CONFIDENTIAL and may
be privileged. If you are NOT the intended recipient, please destroy this
message and notify the sender immediately. You should NOT retain, copy or use
the E-Mail for any purpose, nor disclose all or any part of the contents to
any other person or persons.
Any views expressed in this message are those of the individual sender, EXCEPT
where the sender specifically states them to be the views of Lloyd's.
Lloyd's may monitor the content of E-Mails sent and received via its network
for viruses or unauthorised use and for other lawful business purposes.
Lloyd's is a registered trade mark of the Society of Lloyd's. Lloyd's is
authorised under the Financial Services and Markets Act 2000. Lloyd's
copyright 2022.
The information in the E-Mail and in any attachments is CONFIDENTIAL and may
be privileged. If you are NOT the intended recipient, please destroy this
message and notify the sender immediately. You should NOT retain, copy or use
the E-Mail for any purpose, nor disclose all or any part of the contents to
any other person or persons.
Any views expressed in this message are those of the individual sender, EXCEPT
where the sender specifically states them to be the views of Lloyd's.
Lloyd's may monitor the content of E-Mails sent and received via its network
for viruses or unauthorised use and for other lawful business purposes.
Lloyd's is a registered trade mark of the Society of Lloyd's. Lloyd's is
authorised under the Financial Services and Markets Act 2000. Lloyd's
copyright 2022.
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