Lloyd’s of London has announced a full-year underwriting profit after being hit by hefty claims from the Ukraine war and natural disasters.
In its preliminary 2022 earnings report, Lloyd’s said its combined ratio will be 91.9% “despite major claims of 12.7% including losses arising from the conflict in Ukraine and from Hurricane Ian in Florida”.
Combined ratio reflects the balance of premium income and claims costs, with a figure below 100% indicating an underwriting profit.
