Lloyd's profits hit £4.9bn for half year as prices rise

LLOYD’S of London, one of the City’s most significant financial institutions, reported a sharp rise in half-year profits today in a boost for the Square Mile.

- Michael Hunter

The global insurance marketplace made £4.9 billion in the six months to the end of June, up by £1 billion. Gross written premiums reached £30.6 billion, up from £29.3 billion.

That came even after major payout events, including the Baltimore Bridge collapse in March.

A key industry measure, the combined ratio, hit 83.7%. It measures underlying profitability by tracking payouts and expenses compared with premiums. It is the best level since 2007 at the marketplace for protection from everything from hurricanes to cyber attacks.

John Neal, chief executive, called it an “industry leading performance”, adding: “Our focus in the first half of 2024 remained on supporting a profitable marketplace that delivers sustainable and attractive returns for our investors, at a time when Lloyd’s global insurance premiums are growing at more than twice the rate of GDP.”