"The results reported for 2025 reflect the underlying strength and resilience of the Lloyd’s market. They demonstrate the benefits of disciplined underwriting, improved performance and reforms undertaken in recent years."
Full Year Results 2025
Market performance
The market produced a strong set of results in 2025, with profit before tax of £10.6bn and a combined ratio of 87.6%.
2025 financial highlights
Strong underwriting, resilient investment returns and disciplined growth underpinned the Lloyd’s market’s performance in 2025. Supported by a very strong balance sheet, the market is well-positioned as the cycle evolves.
£57.9bn
gross written premium
87.6%
combined ratio
£6.0bn
investment return
£10.6bn
profit before tax
Strong balance sheet
496%
central solvency ratio
200%
market-wide solvency ratio
£49.8bn
total capital
22.0%
return on capital
Financial strength ratings
A+
AM Best
AA-
Fitch Ratings
AA-
Kroll Bond Rating Agency
AA-
S&P Global
