The Chairman of Lloyd’s, Bruce Carnegie-Brown, has informed of the return to profit of the Lloyd’s market in the first six months of 2018 following a year of underwriting losses in 2017. The aggregated market profit was £0.6bn (June 2017: £1.2bn), with a comparatively low investment return of £0.2bn (June 2017: £1.0bn). The combined ratio improved to 95.5% (June 2017: 96.9%), supported by a benign loss period and prior year releases.
Full details on Lloyd’s interim results 2018 can be found here.
Net resources reached £29.0bn (June 2017: £28.0bn) which means Lloyd’s capital position is stronger than it has ever been. Their excellent ratings have been recently reaffirmed at A (Excellent) from A.M. Best, A+ (Strong) from Standard & Poor’s, and AA- (very Strong) from Fitch.
They continue to focus on improving the Lloyd’s market’s long-term performance by taking positive action to address areas of the market that are underperforming. While the improvement in the underwriting result of £0.5bn for the first six months of 2018 (June 2017: £0.4bn) is welcome, Lloyd’s is focused on the future, and throughout 2018 our key priorities will continue to be improving underwriting performance, reducing expenses and enhancing access to Lloyd’s through technology – supporting their digital evolution.
Their subsidiary in Brussels will be operational to write business in the European Economic Area from 1 January 2019. Lloyd’s Brussels will provide the market with an opportunity to enhance its profile and increase customer choice within the EU after Brexit.
The Chairman of Lloyd’s expresses gratitude to their CEO Inga Beale for her hard work and unswerving commitment over the past five years. During her time at Lloyd’s, Inga has introduced a series of changes that are modernising the market and are making it more efficient and inclusive. She has also secured Lloyd’s access to new markets. Under Inga’s leadership, Lloyd’s has begun to address the challenges that the market faces and to position itself to benefit from the opportunities that lie ahead.