"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%)