Lloyd's posted H1 profit of GBP 1.4 billion

13 September 2021 — Andrei Victor
Loyd's of London re/insurance marketplace posted H1 2021 GGWP of GBP 20.5 billion (vs. GBP 20.0 billion) "due to an increase in premium rates, high customer retention and new growth for the first time in four years".

"Premium rates increased by 9.9%, continuing the trend of 15 consecutive quarters of positive rate movement", Loyd's representatives announced in a statement.

The value of paid claims totaled GBP 9.4 billion, including to customers impacted by COVID-19 where 80% of the claims notified to date have been paid, while the H1 profit before tax increased to GBP 1.4 billion vs. loss of GBP 0.4 billion a year before.

At the same time, the combined ratio of 92.2% "is a solid improvement with a 4.8 percentage point reduction on the previous year, excluding COVID-19. These results demonstrate the substantial turnaround of Lloyd's profitability and performance".

All in all, the key figures reported in Lloyd's 2021 Half Year Results are:

  • Gross written premiums of GBP 20.5 billion (HY 2020: GBP 20.0 billion)
  • Profit before tax of GBP 1.4 billion (HY 2020: loss of GBP 0.4 billion)
  • Underwriting profit GBP 1.0 billion of (HY 2020: loss of GBP 1.3 billion)
  • Combined ratio of 92.2% (HY 2020: 110.4%)
  • Underlying combined ratio of 85.4% (HY 2020: 89.8%)
  • Attritional loss ratio of 50.5% (HY 2020: 52.6%)
  • Net investment income of GBP 0.6 billion, 0.8% return (HY 2020: GBP 0.9 billion, 1.2% return)
  • Net resources of LOYD's 36.5 billion (FY 2020: GBP 33.9 billion)
  • Central solvency ratio of 218% (FY 2020: 209%)
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