Lloyd's of London has published preliminary full-year results that indicate a £3.3 billion underwriting profit increase to £5.9 billion.

The insurance market also recorded a gross written premium rise of 11.6 per cent to £52.1 billion.

The British re/insurer, which will release its results in full on 28 March, said the gross written premium figure, rising from £46.7 billion in 2022, reflected a four per cent organic growth rise and a seven per cent price change.

“2023 was an outstanding year for the Lloyd’s market,” said Lloyds chief executive Burkhard Keese. “We continued to see sustainable, profitable growth and performance, leading to our best underwriting result in recent history and a rock-solid balance sheet that gives us and our stakeholders confidence in an uncertain environment.”

Keese added that the company would maintain its focus on underwriting and capital discipline and said it looked forward to announcing its full results and strategic progress later this month.

Lloyd's said that the market’s combined ratio improved 7.9 percentage points from the prior year to 84 per cent, with its attritional loss ratio remaining stable at 48.3 per cent versus 48.4 per cent in 2022.

It added that its expense ratio also remained flat at 34.4 per cent, the same as in 2022.

Lloyds recently announced the signing of a corporate Power Purchase Agreement (PPA) with renewable energy firm Low Carbon.

The 10-year agreement will see Lloyds purchase 50 GWh of clean electricity annually, generated from Low Carbon’s Meadow Solar Farm in Hampshire and Pepperhill Solar Farm in Staffordshire.

---