Context
Lloyds’s has announced its results for the first six months of 2025 with gross written premium increasing to £32.5bn (HY 2024: £30.6bn) and a combined ratio of 92.5% (HY 2024: 83.7%). The market remains on track to deliver the Full Year Results previously guided.
Key points to note and next actions
- Profit before tax was £4.2bn, compared to £4,9bn for HY 2024.
- Patrick Tiernan, Lloyd’s Chief Executive Officer, noted that Lloyd’s syndicates delivered a solid half year performance, demonstrating strength and resilience.
- While major claims returned to expected levels – driven by the California wildfires – disciplined underwriting ensured the underlying result had the capacity to absorb such volatility.
- Tiernan has also announced that the Lloyd’s Blueprint Two platform is unlikely to be fully operational until 2028. In a statement, the International Underwriting Association (IUA) has welcomed what it describes as the transparent assessment of the Blueprint Two project to transform the London Market’s business processing.
- Responding to Tiernan’s statement, the IUA stated that It is essential that the London Market sector develops a robust market infrastructure that is easily extendable for a data-first approach in future.