Lloyd’s has reported a profit of £3.5bn for H1 2026. This was down from the £4.2bn achieved in the same period last year. Gross written premium rose from £32.5bn to £34.7bn while the market’s combined ratio improved from 92.5% to 90.8%.

Patrick Tiernan, chief executive at Lloyd’s, led his statement on the results by expressing the fundamental change in the nature of global risk.

He said: “The first half of 2026 has provided further evidence we are now operating in a world that is structurally disorderly rather than just passing through a period of heightened volatility.

“The infrastructure foundations on which our industry has based many of its assumptions over the past 80 years are becoming less stable. We see this across four main areas: physical infrastructure; data and cyber infrastructure; financial, banking and clearing infrastructure; and the rules-based infrastructure on which global trade is based.

“None of the threats to this crucial infrastructure is wholly new. What is unprecedented is that they are all in play at once, interacting and compounding in ways that are difficult to anticipate.”

Looking ahead, Lloyd’s said it expected its full-year results to record gross written premium of £64bn (plus or minus 5%) and a combined ratio of between 90% and 95%.