Lloyd's of London swung to a pre-tax loss in 2022 and took writedowns on its fixed-income investments, it said today.
The pre-tax loss was £800m, compared to a profit of £2.3 billion a year earlier.
Rising interest rates have hit investments at many financial firms, and it posted a net investment loss of £3.1 billion, compared with a £900m profit in 2021.
However, Lloyd's underwriting profit jumped 53% to £2.6 billion. Higher premium rates have helped insurers' underwriting profits in recent years.
John Neal, CEO of Lloyd's, forecast 2023 premiums of £56 billion, up from £46.7 billion in 2022, according to a statement.
