Commercial insurance market Lloyd’s of London has today reported a 26% jump in first-half pre-tax profit to £4.9 billion, as its members avoided riskier business.
Lloyd’s, which is made up of more than 50 insurance companies, underwrites specialist risks from oil rigs to professional footballers’ legs.
Commercial insurers have coped in recent years with a pandemic, wars, inflation and rising losses from natural catastrophes by excluding some business and raising prices.
Lloyd’s CEO John Neal said the market’s “superb” results reflected “a combination of disciplined underwriting, smart organic growth and real strength in the Lloyd’s balance sheet”.
Gross written premiums rose 6.5% to £30.6 billion, while the group’s combined ratio, a measure of underwriting profitability in which a level below 100% indicates a profit, strengthened to 83.7% from 85.2% a year earlier.