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Lloyd's releases preliminary 2023 year results for the market

March 07, 2024

Lloyd's releases preliminary 2023 year results for the market

Lloyd's releases its preliminary 2023 year results for the market.

The Press Release is available here.

Lloyd's has greeted the market's underwriting performance as the best since 2007 with a combined ratio of 84% - some 8 percentage points improvement on last year's ratio.

Key financial indicators for the 2023 year (unassured):-

  • Gross Written Premium increased by 11.6% to £52.1bn (FY 2022: £46.7bn) reflecting 4% organic growth and 7% price change
  • The market’s combined ratio improved 7.9 percentage points from the prior year to 84.0% (FY 2022: 91.9%).
  • The attritional loss ratio remained stable at 48.3% (FY 2022: 48.4%), while the expense ratio remained flat at 34.4% (FY 2022: 34.4%).
  • Investment return of £5.3bn (FY 2022: loss of £3.1bn), reflects the higher interest rate environment and the unwind of the Mark to Market accounting treatment on fixed income portfolios.
  • Underwriting profit increased by £3.3bn to £5.9bn (FY 2022: £2.6bn).
  • Return on capital c.30%.

Burkhard Keese, Lloyd's CFO said: “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. 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.”

Comment

We should have all the syndicates' results for 2021 shortly as well as the updated estimates for the 2022 Account. The 2023 Account estimates which will incorporate last year's trading conditions and expectations will be published by all syndicates in May. Lloyd’s will announce its final 2023 Full Year financial results on 28 March 2024 following completion of the relevant audit and assurance work and approval by the Council of Lloyd’s. The statement will accompanied by guidance on expectations for Lloyd’s Full Year 2024 results.

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