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Sep 08, 2022

Lloyd's Half Year Results 2022

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Lloyd's of London has today released underwriting results for the first six months of 2022.

Key figures reported are;

  • Gross written premiums of £24bn (HY 2021: £20.5bn)
  • Underwriting profit of £1.2bn (HY 2021: £0.96bn)
  • Combined ratio of 91.4% (HY 2021: 92.2%)
  • Underlying combined ratio of 81.5% (HY 2021: 85.4%)
  • Attritional loss ratio of 48.9% (HY 2021: 50.5%)
  • Net investment loss of £3.1bn (HY 2021: income of £0.6bn)
  • Loss before tax of £1.8bn (HY 2021: profit of £1.4bn)
  • Net resources of £36.5bn (FY 2021: £36.6bn)
  • Central solvency ratio of 395% (FY 2021: 388%)

Notwithstanding a challenging year including the invasion of Ukraine, inflation, and other geopolitical factors, this marks a 0.8% combined ratio improvement on 2021 and the strongest combined ratio since 2015.

As a result of rising interest rates, Lloyd’s reported an overall loss of £1.8bn (HY 2021: £1.4bn profit) driven by a net investment loss of £3.1bn (HY 2021: £0.6bn income) from unrealised mark-to-market losses. As investment maturities are short dated, the market will begin to benefit from higher interest rates in 2023 and therefore improved investment returns.

We will write more about the results in our September Newsletter.

For the Lloyd's press release, including link to the full results report, please CLICK HERE.