Lloyd’s digital platform Ki reported record 2025 results as profit after tax climbed 50% to $110.4 mn from $73.6 mn in FY24. The figures mark its first full year operating as a standalone business within the Fairfax Group after separating from its former parent in January 2025.
Total gross managed premium reached $1.11 bn, up 6.9% from $1.04 bn a year earlier. Ki Syndicate 1618 accounted for $905.5 mn of that total, with $205.5 mn written on behalf of capacity partners.
Ki is the first fully digital and algorithmically driven Lloyd’s of London syndicate, designed to automate the “follow” underwriting process. Launched in 2021 by Brit in partnership with Google Cloud and University College London (UCL), Ki provides brokers with instant, 24/7, automated underwriting decisions for follow-on capacity.
Adjusted profit before tax rose 74% to $171.4 mn, compared with $98.5 mn in FY24. The adjusted undiscounted combined ratio improved to 91.3% from 95.2%.
On an undiscounted basis, the combined ratio stood at 95.7% versus 98.2%, while the discounted combined ratio strengthened to 77.3% from 83.2%.
Ki also increased broker engagement, delivering 11.6% more quotes year on year. QBE joined as a fourth capacity partner alongside Aspen, Beazley and Travelers, broadening the platform’s capital base.
Chief Executive Officer Mark Allan said the results reflect disciplined underwriting in a competitive market. Premium growth approached 7% while maintaining a sub-100% adjusted combined ratio.
He highlighted continued investment in digital infrastructure, artificial intelligence capabilities and the broader technology stack.
In 2025, we grew our premiums nearly 7% to over $1.11 bn while maintaining our focus on underwriting discipline with an adjusted combined ratio of 91.3%.
Mark Allan, CEO at Ki
“I’m particularly encouraged by the profitable results we’ve delivered at a time when Ki continues to invest significantly in our digital platform, AI capabilities and tech stack as we continue to build an insurer that reflects not just the current but the future state of the industry,” Mark Allan said.
According to Beinsure analysts, algorithmic follow models at Lloyd’s gain traction when underwriting margins hold and broker adoption expands.
Ki’s ability to scale premium while improving loss metrics suggests operational leverage across its automated placement framework.
Allan said the focus for the coming year centers on supporting brokers placing complex specialty risks while advancing AI integration across the platform. Investment continues even as profitability rises.
For Lloyd’s market participants, Ki’s results underscore the growing role of data-led underwriting in specialty lines.
