Insurance giant Lloyd’s of London sees profits double to £3.9bn in six months

Lloyd’s of London said that it had more than doubled its profit in the first six months of the financial year as it boasted of a “bulletproof balance sheet”.

The insurance marketplace said that pre-tax profit had hit £3.9 billion in the first six months of the year, up from £1.8 billion a year earlier.

It comes in a year when natural disasters struck large parts of the globe, including the February earthquake which killed more than 55,000 people.

But other disasters, such as recent flooding in Spain and wildfires in Greece, hit in large part after the half year had ended.

Lloyd’s said that its underwriting profit had been £2.5 billion, up from £1.2 billion a year earlier, while the return on investments had swung from a £3.1 billion loss a year ago to a £1.8 billion profit.

“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,” said chief executive John Neal.

“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.”