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Lloyd's 2022 Half Year Results

08 Sep 2022

Lloyd's have announced their 2022 half year results.

The first six months of 2022 saw the uncertain environment of the last few years extended, as Lloyd's continue to respond to the impacts of COVID-19, the conflict in Ukraine and the materialising effects of climate change. These have been exacerbated by economic headwinds which have posed significant challenges to governments, businesses, and individuals around the world. Notwithstanding this, Lloyd's are reporting a strong set of results, demonstrating the continued sustainable performance of the market that was reported in 2021.

At half year 2022, Lloyd's are announcing an underwriting profit of £1.2bn (HY 2021: £0.96bn), and a combined ratio of 91.4% (HY 2021: 92.2%), which marks the best result since 2015.

The attritional loss ratio showed continued improvement, reducing to 48.9% compared to 50.5% at the same point last year. The expense ratio also showed improvement, at 35.4% (HY 2021: 35.8%).  The enduring focus and investment in digitalisation through Blueprint Two will continue to reduce the cost of doing business at Lloyd’s.

Overall, Lloyd’s has reported a net loss of £1.8bn. This result is driven by a net investment loss of £3.1bn arising from higher interest rates, triggering a short-term hit under mark-to-market accounting. That said, insurers will benefit as returns on assets strengthen through 2023 and 2024.

Lloyd's leveraged favourable trading conditions and the market continued to grow profitably with a 17% uplift in gross written premiums, to £24.0bn (HY 2021: £20.5bn). This includes an average price increase of 7.7% and almost 5.0% organic growth from syndicates.

Lloyd's capital and solvency position remains exceptionally strong, with a central solvency ratio of 395% and market wide solvency ratio of 179%, signalling their ability to continue supporting customers through uncertain times. They also continue their track record of early and realistic reserving for major events, by setting aside £1.1bn for Ukraine-related losses, similar to action taken during COVID-19.

Full details of the Lloyd’s 2022 Half Year Results can be found on

As Lloyd's reflect on the year so far, it is clear that their industry has a very valuable role to play in society than has been the case for quite some time. By analysing, pricing, and underwriting possible outcomes, they help people and businesses transfer risk from their balance sheets, ensuring they can make the smart decisions needed to navigate their organisations through challenging times. It is only by doing this that Lloyd’s can continue to create a braver world and a more stable future.

The strong performance being reported, alongside the ongoing work on digitalisation, climate and culture, means Lloyd’s is well placed to drive sustainable and profitable growth in 2023 and beyond.

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