Lloyd’s has delivered a solid first half: gross written premium up 6.9% to £34.7 billion, an underwriting profit of £1.9 billion, and a combined ratio of 90.8% – better than the 92.5% recorded in the same period of 2025. Profit before tax of £3.5 billion was lower than the £4.2 billion a year earlier, hit by unrealised fixed income losses as yields widened on geopolitical and inflationary pressures. Importantly, those are unrealised losses – they do not affect Lloyd’s claims-paying capacity or solvency position, which remains strong.
