Lloyd’s reveals half-year financials | Insurance coverage Enterprise

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This is how Lloyd’s did in the first half of the year (HJ):

Metric

HY 2021 result

HY 2020 result

Gross written premium

£ 20.5 billion

£ 20 billion

Profit / (loss) before tax

£ 1.4 billion

£ (0.4 billion)

Underwriting profit / (loss)

£ 1 billion

£ (1.3 billion)

Combined ratio

92.2%

110.4%

“In an uncertain world, Lloyd’s continues to focus heavily on helping our customers when they need us, and in the first half of 2021 we paid out nearly £ 10 billion in claims to help recover businesses and economies around the world “Commented CEO John Neal when Lloyd’s released its 54-page earnings report in the UK on Thursday morning.

“With this in mind, Lloyd’s has successfully repositioned the market for sustainable, profitable growth, which is reflected in these strong financial results. I am encouraged to see that market performance has improved as a result of our ongoing cleanup efforts. This, combined with our exceptionally strong track record, brings Lloyd’s performance in line with our global peer group. “

It was emphasized that the combined ratio has improved, primarily due to the significant reduction in staff turnover and expense ratios. Meanwhile, net resources rose 7.6% to £ 36.5 billion. Also, according to Neal, it is the first time in four years that the market has shown growth on both a rate and an exposure basis while providing key metrics.

The CEO added, “In addition to performance, we are making great strides on all of our strategic priorities which focus on improving market culture, the digital transformation of the future at Lloyd’s, and sustainability, climate and inclusion that underpin our purpose.”

In the six months ended June 30, 2021, Lloyd’s paid £ 9.4 billion in claims, including those related to COVID-19.