Lloyd’s reports preliminary results for 2024
Lloyd's has provided an update for its 2024 full year financial performance. The full results will be released on 20 March 2025, accompanied by guidance on expectations for Lloyd’s full year 2025 results.
FY24 key figures (unassured):
- Gross Written Premium increased by 6.5% to £55.5 billion (FY 2023: £52.1 billion) reflecting 8.5% growth, primarily in the property and reinsurance segments which had a strong underwriting performance in the year, 0.3% price change and FX movements of (2.3)%.
- The market’s combined ratio is 86.9%, an increase of 2.9 percentage points from the prior year (FY 2023: 84%), driven by major claims in the second half of the year. Excluding large losses, the underlying combined ratio is 79.1% (FY 2023: 80.5%).
- The attritional loss ratio improved to 47.1% reflecting continued underwriting discipline (FY 2023: 48.3%), while the expense ratio remained flat at 34.4%(FY 2023: 34.4%).
- The investment return is £4.9 billion (FY 2023: £5.3 billion), with the portfolio benefitting from another year of high interest rates, notwithstanding some market volatility in the fourth quarter.
- Underwriting profit is £5.3 billion (FY 2023: £5.9 billion) and profit before tax is £9.6 billion (2023: £10.7 billion).
Lloyd’s expects approximately $2.3 billion in losses from the California wildfires.
“2024 saw us maintain our focus on strong profitability and disciplined growth. Our market has delivered another excellent underwriting year for our investors, while providing best in class solutions for our customers to protect their business flows and balance sheets. We would like to extend our deepest sympathies to those affected by the California fires earlier this year. Although we are still assessing the full impact, we do not expect this to be a capital event.” – Burkhard Keese, Lloyd’s CFO
