Underwriting profits drive Lloyd's earnings surge of 25.6% YoY

The market’s combined ratio improved to 83.7%.

Lloyd's first half of 2024 (H1 2024) pre-tax profit surged 25.6% year-on-year to $6.48b (£4.9b), thanks to a higher increase in underwriting profit, which rose to $4.09b (£3.1b), up 24.0% YoY.

Gross written premiums grew by 6.5% YoY, reaching $40.39b (£30.6b), driven by a combination of volume growth and price increases.

The market’s combined ratio improved to 83.7%, its best interim result since 2007, reflecting enhanced operational efficiency. The investment return also saw growth, rising to $2.77b (£2.1b) from $2.38b (£1.8b), primarily due to strong fixed-income returns and equity market performance.

($1.00 = £0.76)