Insurance and reinsurance marketplace Lloyd’s has posted profit before tax of £3.92bn ($4.91bn) for the first half of 2023 as against a loss of £1.8bn ($2.25bn) a year ago.

For the six months ended 30 June 2023, the company’s gross written premium was £29.3bn, a surge of 21.9% compared with £24bn in the prior year.

The insurer’s underwriting profit during the period surged 108.3% to £2.5bn from £1.2bn in year ago half.

Net investment return was £1.8bn before tax versus a loss of £3.12bn in the first half of 2022.

Lloyd’s combined ratio improved by 6.2 percentage points to 85.2% from 91.4% in the first half of 2022, driven by sustained progress in underwriting performance.

Major claims accounted for 3.6% of the losses in the first half of 2023, the market noted.

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By GlobalData

The central solvency ratio and market-wide solvency ratio soared to 438% and 194%, respectively, in the first half of the year.

Lloyd’s CEO John Neal said: “We’re pleased to be reporting a strong set of results for the year so far – with profitability in both our underwriting and investments; a leading combined ratio, strong premium growth and a bulletproof balance sheet that means we can support customers through a range of shocks and scenarios.

“Combined with the market’s progress in driving sustainable performance, digitalisation and showing leadership from climate transition to culture change – these results set us up to deliver on our positive financial outlook for 2023.”