The insurance and reinsurance market Lloyds recorded a 6.9% increase in gross written premiums during the first half of 2026, reaching 34.7 billion pounds (approximately 40.4 billion euros). This performance was driven by strong growth of 15.8% in the business volume of new and existing syndicates, which offset the context of lower prices.
The market also recorded an underwriting result of 1.9 billion pounds and a combined ratio of 90.8%, below the 92.5% recorded in the first half of 2025. This improvement reflected a lower incidence of natural catastrophes, with the large losses ratio falling to 6.8%, when in the same period last year it was 10.4%. Conversely, the underlying combined ratio rose to 84% and the expense ratio advanced slightly to 36.4%.
Despite operational resilience, Lloyds' pre-tax profit fell to 3.5 billion pounds, below the 4.2 billion pounds recorded in the first half of 2025. The slowdown was influenced by lower balance sheet asset performance, with investment returns falling to 1.8 billion pounds (1.6%), compared to 3.1% the previous year, impacted by widening interest rates and geopolitical tensions.
As of June 30, 2026, Lloyds had total capital, reserves and subordinated debt of 48.4 billion pounds, compared to 49.8 billion pounds at the end of 2025. The solvency ratio remained stable at 199%. In a statement, Patrick Tiernan, Chief Executive of Lloyds, highlighted that underwriting discipline and innovation continue to be the keys to maintaining profitability and result quality.
