Lloyd’s reports £1.4bn profit in H1 2021

Lloyd’s has posted an aggregated profit of £1.4bn for H1 2021, compared with the £0.4bn loss recorded for the same period last year. It announced a combined ratio of 92.2%, improving on the 110.4% posted for H1 2020.

Lloyd’s said gross written premiums nudged up from £20bn in H1 last year to £20.5bn for the first six months of 2021. Premium rates increased by 9.9%, continuing the trend of 15 consecutive quarters of positive rate movement.

John Neal (pictured), CEO of Lloyd’s, said: “In an uncertain world Lloyd’s remains acutely focused on supporting our customers when they need us, and in the first half of 2021 we have paid out nearly £10bn in claims to help the recovery of businesses and economies globally.

“Against this backdrop, Lloyd’s has successfully repositioned the market for sustainable, profitable growth as evidenced in this strong set of financial results. I am encouraged to see that market performance has improved as a result of our ongoing remediation efforts. This, as well as our exceptionally strong balance sheet, brings Lloyd’s performance in line with our global peer group.”

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