Findings from the Lloyd’s 2025 culture survey show that the market outperforms the financial services benchmark in 26 out of 28 metrics. The survey was conducted across the corporation, managing agents and brokers between September and October last year.

The market compared best against the financial services benchmark in two areas – understanding behaviour expectations and processes not being a barrier. The research found that nearly 9 in 10 respondents felt they could be themselves at work.

Patrick Tiernan (pictured), chief executive at Lloyd’s, said: “Building a culture that is inclusive, transparent, consistent and values-led is one of my top priorities. Our market culture is not perfect, but it is very good – and improving. At Lloyd’s, we are 100% committed to creating a culture that is objectively excellent.

“We start from a relatively strong position, benchmarked against the wider financial services sector, but it is encouraging that we remain clear-eyed about where we must do better. Honest self-criticism, combined with a relentless focus on outcomes, will be essential if we are to attract and retain the best talent and sustain the long-term relevance of our industry.”

Across the market, 18% of market firms achieved an ‘excellent’ overall score, while 70% were rated ‘very good’ and 12% were rated ‘good’. No firms achieved the lower ratings of ‘fair’ or ‘poor’.

The results of the survey follow the announcement late last year that Lloyd's had opened an investigation into former CEO John Neal, after his move to AIG fell through for undisclosed reasons.