Gross written premium at Lloyd’s increased by 11.6 per cent year-over-year in 2023, the organisation said as it released preliminary results for the period.

Lloyd’s said in a trading update that GWP grew to £52.1 billion (approximately $67.1 billion) from £46.7 billion ($60.1 billion) in 2022, reflecting 4 per cent organic growth and 7 per cent price change.

The market’s combined ratio improved 7.9 percentage points from the prior year to 84 per cent.

The attritional loss ratio remained stable at 48.3 per cent, while the expense ratio remained flat at 34.4 per cent.

Lloyd’s reported an investment return of £5.3 billion ($6.8 billion), compared with a 2022 loss of £3.1 billion ($4 billion), reflecting the higher interest rate environment and the unwind of the mark-to-market accounting treatment on fixed income portfolios.

Underwriting profit increased £3.3 billion ($4.3 billion) to £5.9 billion ($7.6 billion).

Burkhard Keese, Lloyd’s chief financial officer, said: “2023 was an outstanding year for the Lloyd’s market.

“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.

“We will maintain our focus on underwriting and capital discipline and we look forward to announcing our full results and strategic progress later this month.”