@Lloyd's.
Lloyd’s of London, the world’s biggest insurance marketplace, said its results for the first six months of 2024 were a profit before tax of £4.9 billion compared to the same period in 2023’s £3.9 billion.
The marketplace saw an investment return of £2.1billion – compared to 2023’s return of £1.8 billion – and was primarily driven by fixed income returns “complemented by high growth in equity markets”, said the press release.
Gross written premiums were £30.6 billion compared to H1 2023’s £29.3 billion. Total capital, reserves and subordinated loan notes were £43.5 billion. For 2023, the full year capital, reserves and subordinated loan notes were £45.3 billion.
“The first half of 2024 has presented a superb set of results for the Lloyd’s market, which represents a combination of disciplined underwriting, smart organic growth and real strength in the Lloyd’s balance sheet,” said John Neal, Lloyd’s CEO. “This is good news for both investors in the Lloyd’s insurance marketplace and our customers as we continue to support them in an increasingly risky world.”
These results compared to Lloyd’s full year 2023 investment returns of £5.3 billion that it revealed in April, which is said were driven by higher risk-free interest rates around the world and the unwind of the previously booked mark-to-market loss, and contributed to an overall profit before tax of £10.7 billion – compared to 2022’s £0.8 billion loss.
The company’s Chief Financial Officer, Burkhard Keese, said at the time that they saw strong investment returns. “The market produced an outstanding investment result, reflecting the higher risk-free interest rates around the world alongside the unwind of paper losses from the mark-to-market accounting system booked in previous years.”
Several of the UK and Europe's largest insurers have also revealed their H1 and Q2 results in the last month, including their investment returns, which, like their North American counterparts, has seen a boost from higher interest rates.
