Lloyd’s achieved a combined ratio of 87.6% in 2025, a deterioration of 0.7 percentage points on the previous year. The market said its gross written premium was up by 4.2% on the previous year at £57.9bn and that profits before tax were up by 10.1% at £10.6bn.

Patrick Tiernan, chief executive of Lloyd’s, said: “Strong underwriting performance, disciplined growth, and resilient investment returns underpinned the Lloyd’s market’s result in 2025.

“Supported by a very strong balance sheet, these results provide a firm foundation for the challenges and risks ahead, enabling the market to support communities, businesses and economies through periods of uncertainty. While the financial cost of catastrophes in 2025 was relatively modest, we remain acutely aware of the greater, human impact and those whose lives have been affected.”

He added: “Today we are also setting out a new five-year strategy – a disciplined, market-led and necessary sharpening of our financial edge. It focuses on underwriting performance, improving efficiency and maximising our unique capital advantage, to drive improved returns.”

The strategy seeks to make Lloyd’s the most capital-efficient marketplace for complex risk and to ensure its ability to retain and attract talent and capital. It emphasises the need to operate across the full spectrum of commercial and specialty risk and to showcase innovation in its underwriting and oversight.