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Lloyd’s H1’26 premium rises 6.9% to £34.7 billion
The market reported a 90.8% combined ratio for H1’26 and said prior-year reserve releases added 3.5 percentage points.
Lloyd’s, the specialist insurance and reinsurance marketplace, said gross written premium rose 6.9% to £34.7 billion in the first half of 2026, up from £32.5 billion in H1’25. It attributed the growth to volume increases of 15.8% from both new and existing syndicates, even as pricing became more competitive.
For the six-month period, Lloyd’s posted an underwriting result of £1.9 billion, with a combined ratio of 90.8%, helped by comparatively lower major claims versus H1’25. The major claims ratio improved to 6.8% from 10.4%, though the underlying combined ratio edged up to 84% from 82.1% as risk-adjusted rates reduced.
The company said catastrophe losses were comparatively lower, contributing to the improved major claims performance. It also pointed to prior-year reserve releases adding 3.5 percentage points to the combined ratio, up from 2 percentage points in H1’25, while noting reserve strengthening tied to the Baltimore Bridge loss and updated Ukraine estimates.
Profit before tax for H1’26 fell to £3.5 billion from £4.2 billion a year earlier, while Lloyd’s investment returns decreased by £1.8 billion or 1.6% due to unrealised fixed income losses from widening yields. Lloyd’s said yields widened amid geopolitical tensions and inflationary pressures, and that equity markets provided a partial offset to the fixed income decline.