AEGIS London sees £206mn profit in 2023 with improved combined ratio

AEGIS London, Lloyd’s Syndicate 1225, a subsidiary of AEGIS, has released its 2023 financial results, reporting an improved combined ratio of 79.4% and a 112% profit increase.

For the year ending 31 December 2023, the Syndicate’s combined ratio improved 4.4% on 2022’s ratio of 83.8%.

As part of its 2023 full year results, Aegis London also reported a UK GAAP profit of £206 million, a significant increase compared to the £97 million reported in 2022.

The Syndicate’s premium gross of commissions also saw an increase, growing 15%, to £1.04 million, compared to the prior year premium of £908 million.

Commenting on the 2023 results, Alex Powell, AEGIS London’s CEO said: “I am proud that, in our 25th anniversary year, AEGIS London is among those reporting exceptionally strong results across the market. Our performance in 2023 continues a long run of profitable years, reflecting our long-term strategic focus on underwriting excellence.

“At the heart of our sustained performance is our well-established, diversified book of business, many valued collaborative partnerships, embracing opportunities including digitalisation and using data and, of course, the talented team of people at AEGIS London.”

Bill Hillman, President & CEO of AEGIS, added: “We are very pleased with the continued success of our syndicate and its ongoing contribution to the mutual’s net income and risk diversification. Its 2023 performance was particularly strong with the year’s minimal catastrophe loss activity.”

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