Editing Lloyd's of London (section)

==Financial performance==
Each Lloyd's syndicate is responsible for determining how much money to hold in reserve for its known liabilities and its estimated unknown liabilities, and each may choose to release some of its reserves for prior-year claims if it (and its independent auditors) deems it appropriate. Conversely, reserves may need to be strengthened if prior-year loss estimates deteriorate. Overall reserve releases can improve the syndicate's "accident year" combined ratio (the sum of the loss ratio and the expense ratio), whereas overall reserve increases can worsen the accident year combined ratio. The combined ratio after these reserve movements is known as the "calendar year" result.<ref name=AnnualReport2017/>

===Historical results===
Lloyd's worst results in its long history were in the 1989 through 1991 years, each producing overall losses of over £2bn; the late 1990s were also punctuated by repeated and significant underwriting losses.<ref>{{cite web |url=https://www.actuaries.org.uk/system/files/field/document/A3%20-%20Markus%20Gesman.pdf|title=Current underwriting challenges |author=Markus Gesmann |date=7 June 2016 |website=actuaries.org.uk |publisher=Lloyd's of London }}</ref> In 2001 the calendar year result was a 140 per cent combined ratio, driven largely by claims arising out of the [[September 11 attacks|World Trade Center attack]], reserve increases for prior-year liabilities and deteriorating pricing levels. However, the market subsequently enjoyed profitability in most years except those marked by unusual levels of large natural catastrophes. For example, the [[2005 Atlantic hurricane season]] (which included [[Hurricane Katrina]]) drove the Lloyd's overall combined ratio to 112 per cent, while the [[2017 Atlantic hurricane season|2017 Atlantic hurricanes]] coupled with [[2017 California wildfires|destructive wildfires in California]] caused the Lloyd's market to report a 114 per cent combined ratio result in that year.

===Recent results===
In its most recent annual report, for 2023, Lloyd's reported an underwriting profit of £5.91bn, plus a £4.75bn gain on investments to produce an overall pre-tax profit of £10.66bn, compared to a pre-tax loss of £769m in 2022. The 2023 calendar-year combined ratio was 84 per cent, which was Lloyd's best result since 2007. Gross premiums written totalled £52.1bn, which was an increase from £46.7bn in 2022, without taking exchange-rate fluctuations into account. Major losses in 2023 were considerably fewer than the previous year, which was marred by [[Hurricane Ian]].

The following table details some key financial metrics for the Lloyd's market for the past 10 years, as reported in each year's annual report:

{| class="wikitable"
|-
! scope="col" style="text-align: center; width: 50px;" | Year
! scope="col" style="width: 125px;" | Gross premiums written
! scope="col" style="width: 110px;" | Combined ratio<br />({{abbr|AY|Accident year, before prior-year reserve movements}})
! scope="col" style="width: 110px;" | Combined ratio<br />({{abbr|CY|Calendar year, after prior-year reserve movements}})
! scope="col" style="width: 100px;" | Pre-tax profit/(loss)
! scope="col" style="width: 75px;" | Pre-tax [[Return on capital|ROC]]
! scope="col" style="width: 25px;" | Ref
|-
|style="text-align: center;"|2023
|style="text-align: center;"|£52,149m
|style="text-align: center;"|86.2%
|style="text-align: center;"|84.0%
|style="text-align: center;"|£10,663m
|style="text-align: center;"|25.3%
|style="text-align: center;"|<ref name=AnnualReport2023>{{cite web |url=https://assets.lloyds.com/media/3bda2895-4700-47fc-9117-515a62ee36ed/Lloyd's%20Annual%20Report%202023.pdf|title=Annual Report 2023 |author=<!--Not stated--> |website=lloyds.com}}</ref>
|-
|style="text-align: center;"|2022
|style="text-align: center;"|£46,705m
|style="text-align: center;"|95.5%
|style="text-align: center;"|91.9%
|style="text-align: center;"|(£769m)
|style="text-align: center;"|(2.0)%
|style="text-align: center;"|<ref name=AnnualReport2022>{{cite web |url=https://assets.lloyds.com/media/5070d2bd-3819-4e31-b1e3-c67c656e5eb8/Lloyds-Annual-Report_2022.pdf|title=Annual Report 2022 |author=<!--Not stated--> |website=lloyds.com}}</ref>
|-
|style="text-align: center;"|2021
|style="text-align: center;"|£39,216m
|style="text-align: center;"|95.6%
|style="text-align: center;"|93.5%
|style="text-align: center;"|£2,277m
|style="text-align: center;"|6.6%
|style="text-align: center;"|<ref name=AnnualReport2021>{{cite web |url=https://www.lloyds.com/about-lloyds/investor-relations/financial-performance/financial-results/full-year-results-2021|title=Annual Report 2021 |author=<!--Not stated--> |website=lloyds.com}}</ref>
|-
|style="text-align: center;"|2020
|style="text-align: center;"|£35,466m
|style="text-align: center;"|112.1%
|style="text-align: center;"|110.3%
|style="text-align: center;"|(£887m)
|style="text-align: center;"|(2.8%)
|style="text-align: center;"|<ref name=AnnualReport2020>{{cite web |url=https://www.lloyds.com/about-lloyds/investor-relations/financial-performance/financial-results/annual-results-2020|title=Annual Report 2020 |author=<!--Not stated--> |website=lloyds.com}}</ref>
|-
|style="text-align: center;"|2019
|style="text-align: center;"|£35,905m
|style="text-align: center;"|103.0%
|style="text-align: center;"|102.1%
|style="text-align: center;"|£2,532m
|style="text-align: center;"|8.8%
|style="text-align: center;"|<ref name=AnnualReport2019>{{cite web |url=https://lloyds.foleon.com/annual-report-2019/annual-report-2019/downloads/|title=Annual Report 2019 |author=<!--Not stated--> |website=lloyds.com}}</ref>
|-
|style="text-align: center;"|2018
|style="text-align: center;"|£35,527m
|style="text-align: center;"|108.4%
|style="text-align: center;"|104.5%
|style="text-align: center;"|(£1,001m)
|style="text-align: center;"|(3.7%)
|style="text-align: center;"|<ref name=AnnualReport2018>{{cite web |url=https://www.lloyds.com/~/media/files/lloyds/investor-relations/2018/annuals/annual-report.pdf|title=Annual Report 2018 |author=<!--Not stated--> |website=lloyds.com}}</ref>
|-
|style="text-align: center;"|2017
|style="text-align: center;"|£33,591m
|style="text-align: center;"|116.9%
|style="text-align: center;"|114.0%
|style="text-align: center;"|(£2,001m)
|style="text-align: center;"|(7.3%)
|style="text-align: center;"|<ref name=AnnualReport2017>{{cite web|url=https://www.lloyds.com/~/media/files/lloyds/investor-relations/results/2017ar/ar2017_annual-report-2017.pdf|title=Annual Report 2017|author=<!--Not stated-->|website=lloyds.com|access-date=25 March 2018|archive-date=23 May 2019|archive-url=https://web.archive.org/web/20190523190727/https://www.lloyds.com/~/media/files/lloyds/investor-relations/results/2017ar/ar2017_annual-report-2017.pdf|url-status=dead}}</ref>
|-
|style="text-align: center;"|2016
|style="text-align: center;"|£29,862m
|style="text-align: center;"|103.0%
|style="text-align: center;"|97.9%
|style="text-align: center;"|£2,107m
|style="text-align: center;"|8.1%
|style="text-align: center;"|<ref>{{cite web|url=https://www.lloyds.com/AnnualReport2016/|title=Annual Report 2016|website=lloyds.com|access-date=19 May 2017|archive-date=19 September 2018|archive-url=https://web.archive.org/web/20180919111523/https://www.lloyds.com/AnnualReport2016/|url-status=dead}}</ref>
|-
|style="text-align: center;"|2015
|style="text-align: center;"|£26,690m
|style="text-align: center;"|97.9%
|style="text-align: center;"|90.0%
|style="text-align: center;"|£2,122m
|style="text-align: center;"|9.1%
|style="text-align: center;"|<ref>{{cite web|url=https://www.lloyds.com/annualreport2015/assets/pdf/lloyds_annual_report_2015.pdf/|title=Annual Report 2015|website=lloyds.com|access-date=23 September 2018|archive-date=2 February 2017|archive-url=https://web.archive.org/web/20170202003411/http://www.lloyds.com/annualreport2015/assets/pdf/lloyds_annual_report_2015.pdf|url-status=dead}}</ref>
|-
|style="text-align: center;"|2014
|style="text-align: center;"|£25,283m
|style="text-align: center;"|96.1%
|style="text-align: center;"|88.1%
|style="text-align: center;"|£3,161m
|style="text-align: center;"|14.7%
|style="text-align: center;"|<ref>{{cite web|url=https://www.lloyds.com/AnnualReport2014/pdfs/Lloyds%20Annual%20Report%202014.pdf|title=Annual Report 2014|website=lloyds.com|access-date=20 May 2017|archive-date=21 February 2016|archive-url=https://web.archive.org/web/20160221224156/http://www.lloyds.com/annualreport2014/pdfs/lloyds%20annual%20report%202014.pdf|url-status=dead}}</ref>
|}