Lloyd’s delivered gross written premium of £32.5bn in the first six months of 2025, up from the £30.6bn achieved in the same period the previous year. However, its combined ratio deteriorated by 8.8 percentage points to 92.5%. Profit before tax was £4.2bn, down from the £4.9bn achieved in H1 2024.

Patrick Tiernan (pictured), chief executive officer at Lloyd's, said: “Lloyd’s syndicates delivered a solid half year performance, demonstrating strength and resilience. While major claims returned to expected levels - driven by the devastating California wildfires - disciplined underwriting ensured the underlying result had the capacity to absorb such volatility. Investment performance was strong, and the market’s capital position and solvency ratios provide a very good foundation for future growth.

“Looking ahead, despite a more challenging pricing environment and heightened uncertainty, the market continues to innovate and expand the global reach of the Lloyd’s platform through existing participants, new entrants and a strong pipeline of businesses looking to join the market. Our focus remains on facilitating sustainable and attractive returns on capital through the economic cycle for all market participants.”