Insurance marketplace Lloyd's of London today announced it had made a loss of £0.8bn in 2022 due to large payouts relating to the conflict in Ukraine and Hurricane Ian in the US.
This left the insurance market with a pre-tax loss of £769 million - compared with a profit of £2.23 billion in the previous year.
However, the firm expects the loss to reverse in coming years as a result of rising interest rates. Today's results showed that an undewrwtiting profit of £2.6bn showed growth on 2021's £1.7bn as a result of prices and the number of written premiums rising.
John Neal, CEO of Lloyd’s, said:
“This is an outstanding underwriting result that follows several years of performance improvement, a comprehensive plan to digitalise our market, steady and sustained progress on our culture and purposeful action to help our industry and society manage the biggest challenges of our time."
"Looking to 2023, Lloyd’s expects strong premium growth to around £56bn, a combined ratio below 95% and a total investment yield on our assets of more than 3% – enabling us to support customers through the uncertain times ahead.”
