Lloyd's reports preliminary 2024 results
Click here for the full release on Lloyds.com
Lloyd's announcement as follows:-
"FY24 key figures (unassured):
- Gross Written Premium increased by 6.5% to £55.5bn (FY 2023: £52.1bn) reflecting 8.5% growth, primarily in the property and reinsurance segments which had a strong underwriting performance in the year, 0.3% price change and FX movements of (2.3)%.
- The market’s combined ratio is 86.9%, an increase of 2.9 percentage points from the prior year (FY 2023: 84.0%), driven by major claims in the second half of the year. Excluding large losses, the underlying combined ratio is 79.1% (FY 2023: 80.5%).
- The attritional loss ratio improved to 47.1% reflecting continued underwriting discipline (FY 2023: 48.3%), while the expense ratio remained flat at 34.4%(FY 2023: 34.4%).
- The investment return is £4.9bn (FY 2023: £5.3bn), with the portfolio benefitting from another year of high interest rates, notwithstanding some market volatility in the fourth quarter.
- Underwriting profit is £5.3bn (FY 2023: £5.9bn) and profit before tax is £9.6bn (2023: £10.7bn).
Whilst not included in the FY24 result, based on the information currently available, we estimate the net loss to the market for the Californian wildfires to be approximately $2.3bn."
The full Lloyd's results will be released on 20th March.
Table of attritional loss ratios below shoes that 2024 is the lowest since 2005:-
| 2005 | -111.9% |
| 2008 | -100.5% |
| 2004 | -91.7% |
| 2009 | -91.7% |
| 2007 | -90.5% |
| 2006 | -85.2% |
| 2017 | -58.9% |
| 2018 | -57.6% |
| 2019 | -57.3% |
| 2015 | -54.3% |
| 2014 | -53.9% |
| 2016 | -53.3% |
| 2011 | -52.3% |
| 2013 | -52.2% |
| 2020 | -51.9% |
| 2010 | -51.8% |
| 2012 | -51.5% |
| 2021 | -48.9% |
| 2022 | -48.4% |
| 2023 | -48.3% |
| 2024 | -47.1% |