Lloyd’s of London returned to profit in the first six months of the year on the back of higher premiums as insurers started to claw back cash from the Covid pandemic.
The company recorded a pre-tax profit of £1.4bn in the half-year to June 30 against a loss of £400m a year earlier driven by a strong underwriting performance.
Premium rates rose 9.9%, Lloyd’s, which reports the combined results of its syndicate members, said on Thursday.
Lloyd’s had a combined ratio of 92.2%, compared with 110.4% a year earlier. A level below 100% indicates an underwriting profit.
It said 80% of COVID-19 claims notified to date had been paid.
“Lloyd’s has successfully repositioned the market for sustainable, profitable growth,” said chief executive John Neal said in the statement.
“We are making great strides on all our strategic priorities which focus on improving the culture in the market, the Future at Lloyd’s digital transformation, and sustainability, climate and inclusion.”
