Lloyd’s swings to $13.5 billion profit for 2023

(Reuters) — Lloyd’s of London reported Tuesday that it swung to a pre-tax profit of £10.7 billion ($13.51 billion) in 2023, boosted by strong underwriting and investment performance.

The insurance market, which has more than 50 member firms, suffered an £800 million loss in 2022.

Commercial insurers have coped in recent years with a pandemic, wars, inflation and rising losses from natural catastrophes by excluding some business and raising prices.

“We’ll continue working with our market to deliver consistent profitable performance through disciplined underwriting,” CEO John Neal said in a statement.

Lloyd’s said earlier this month that its underwriting profit more than doubled to 5.9 billion pounds. Its investments returned £5.3 billion pounds, helped by higher interest rates, compared with a £3.1 billion loss a year earlier.