Lloyd’s of London announces its full year 2024 financial result. 2024 saw the continuation of positive returns, with profit before tax of £9.6bn (2023: £10.7bn), consisting of an underwriting result of £5.3bn (2023: £5.9bn) and an investment return of £4.9bn (2023: £5.3bn).
The key figures reported in Lloyd’s 2024 full year results are:
- Gross written premium of £55.5bn (2023: £52.1bn)
- Underwriting result of £5.3bn (2023: £5.9bn)
- Combined ratio of 86.9% (2023: 84.0%)
- Underlying combined ratio of 79.1% (2023: 80.5%)
- Profit before tax of £9.6bn (2023: £10.7bn)
- Attritional loss ratio of 47.1% (2023: 48.3%)
- Investment return of £4.9bn (2023: £5.3bn)
- Total capital, reserves and subordinated loan notes of £47.1bn (2023: £45.3bn)
- Central solvency ratio of 435% (2023: 503%)
Lloyd’s reported a 6.5% increase in premiums written in the market, raising the gross written premium to £55.5bn (2023: £52.1bn), primarily driven by volume of 8.5% (7.6% from existing and 0.9% from new syndicates).
Price changes (including rate and inflation) contributed 0.3% as rate momentum stabilised, while foreign exchange movements offset the growth by (2.3)%. Lloyd’s has shared the results from the 2025 Lloyd’s Market Policies & Practices (MP&P) return with market firms, which shows continued progress towards an inclusive.
The Lloyd’s market has delivered another year of outstanding financial performance, with a superb combined ratio, underlying combined ratio and attritional loss ratio supporting a capital position and claims reserve strength that is as strong as it has ever been.
John Neal, CEO, Lloyd’s
“This excellent result demonstrates the market’s ability to deliver sustainable and attractive returns for investors, and provide solutions to protect our customers’ balance sheets. I would like to congratulate members of the market for their disciplined underwriting and profitable growth and thank Corporation employees for their commitment and support in 2024,” John Neal said.
An underlying combined ratio of 79.1% (2023: 80.5%) reflects the market’s ongoing focus on consistent profitability.
The major claims ratio rose to 7.8% in 2024 due to significant catastrophe events, including hurricanes Milton and Helene and the Baltimore Bridge collision.
The strong financial performance was underpinned by an improved attritional loss ratio of 47.1% (2023: 48.3%), prior year releases of 2.4% (2023: 2.2%), and a stable expense ratio of 34.4% to deliver a combined ratio of 86.9% (2023: 84.0%).
Investment performance in 2024 benefitted from another year of higher interest rates, delivering a return of £4.9bn (2023: £5.3bn) with mark-to-market losses from fourth quarter market volatility driving the reduction in investment returns compared to the prior year.
The central solvency ratio remains strong at 435% (2023: 503%) reflecting continued market growth and capital management actions to reduce debt.
The renewal of the Central Fund cover in 2024 further supports Lloyd’s long-term market growth and enhances our financial strength, providing assurance to capital providers and customers alike.
Following an upgrade by AM Best in 2024, all four of Lloyd’s financial strength ratings are now at AA- or equivalent, the highest ratings Lloyd’s has ever achieved.
Lloyd’s withstood notable shocks from three U.S. storms and the Baltimore bridge collision last March, John Neal said.
He noted the market continued to grow profitably following COVID-19 and through geopolitical tensions, the war in Ukraine, severe weather events and the advent of artificial intelligence.
Chief Financial Officer Burkhard Keese noted that Lloyd’s return on capital of 7.6% was insufficient, stressing the need for sustained double-digit returns.
He highlighted the importance of maintaining underwriting discipline to achieve this goal.
Lloyd’s investment return fell to £4.91bn from £5.31bn in 2023, largely due to mark-to-market losses caused by fourth-quarter market volatility.
Significant losses from hurricanes Milton, Helene, and Beryl, along with the Dali Baltimore Bridge collision, increased the major claims ratio to 7.8% from 3.5% the previous year. Hurricane claims amounted to £2.3bn, while the Baltimore bridge collapse cost £400mn.
