London, 14 April 2026: The Lloyd’s Market Association (LMA) and Insurance Capital Markets Research (ICMR) have released the Lloyd’s 2026 Insights Report, to which LMA members have digital access. The report provides a detailed analysis of Lloyd’s and syndicates’ 31/12/2025 year-end results.
The report reveals that, with individual syndicates delivering strong results, Lloyd’s remains well positioned as a compelling proposition to investors. The market has seen an increasing number of new entrants and a growth in risk capital deployed through London Bridge II.
Key findings from the report include:
Strong performance continues across the market
Managing agents delivered a full‑year result in 2025 of profit before tax of £10.6bn (+10.1%) and a combined ratio of 87.6% (2024: 86.9%). Underwriting and investment returns have further strengthened the market’s balance sheet, with total capital reaching £49.8bn (+5.7%) and the central solvency coverage ratio at 496%. The underlying combined ratio rose to 81.8% (2024: 79.1%), reflecting disciplined underwriting alongside a modest increase in expense and attritional loss ratios, while prior‑year reserve releases provided a 1.7% benefit to the combined ratio. This result represents the third consecutive year where return on capital has exceeded 20%.
Entering the next phase of the cycle from a position of strength
While signs of price softening are evident in some classes, the 2025 results confirm that Lloyd’s enters this next phase with strong capitalisation. However, the LMA view is that for Lloyd’s to successfully navigate the next phase of the cycle, three things are necessary: maintaining disciplined underwriting, new entrants which are additive to the market and reduced friction in capital deployment.
Investment returns remain a powerful contributor to total performance
Higher interest rates enhanced investment returns in 2025 to £6.0bn (2024: £4.9bn). Investment results contributed meaningfully to overall profitability and reinforce Lloyd’s attractiveness as a diversified investment proposition with low correlation to traditional asset classes.
A compelling relative value proposition for investors
In 2025, Lloyd’s continued to demonstrate its attractiveness relative to other investment options, delivering strong returns, comparable levels of volatility and low correlation to mainstream asset classes, while outperforming benchmarks such as catastrophe bond indices and providing diversification benefits not readily available elsewhere in global capital markets.
The full report, available to LMA members, offers a deeper understanding of the drivers and trends underlying Lloyd’s performance for managing and members’ agents, brokers and investors. It highlights that Lloyd’s is still seen as an attractive place to invest, as demonstrated by the increasing confidence of investors in placing capital at Lloyd’s.
Paul Davenport, Finance & Risk Director at the LMA, said: “2025 was another strong year for the Lloyd’s market. In the past year, Lloyd’s has upheld its position as an attractive option for investors, buoyed by disciplined underwriting and a focus on rate adequacy across the market. 2025 is the third consecutive year with average returns on capital exceeding 20%.”
Markus Gesmann, Co-Founder of ICMR, added: “Ultimately, Lloyd’s remains one of the financial industry’s ‘hidden secrets’ and a vital contributor to the UK economy. By providing this level of data-driven transparency through our publications and indices, ICMR aims to demystify the market and make Lloyd’s performance more accessible to the global investment community.”
For more information or to discuss the results of individual syndicates, please contact the Lloyd’s Market Association.
ENDS
Media relations contacts
LMA:
Carole Porter, Head of Marketing and Communications
+44 20 3307 3947 | carole.porter@lmalloyds.com
Omnia Partners:
Will White, Partner
+44 777 155 247 | will.white@weareomniapartners.com
About the Lloyd’s Market Association
The Lloyd’s Market Association (LMA) exists at the very heart of Lloyd’s, a world-leading global marketplace for complex risk where solutions to challenges are delivered every day. 59 Lloyd’s managing agents and members’ agents are members of the LMA.
We represent our members’ interests to organisations including governments, regulators, and the market’s central supporting body, the Corporation of Lloyd’s. We provide professional and technical expertise in areas ranging from model policy wordings to the implementation of innovative technologies. We connect with our members to identify and resolve issues facing the market, and work in partnership with Lloyd’s and the other market associations to influence initiatives and outcomes. We operate the market’s most comprehensive technical education service, the LMA Academy. For more information visit: www.lmalloyds.com.
About ICMR
Insurance Capital Markets Research (ICMR) provides independent, quantitative research and valuation services for the global specialty (re)insurance market, with a particular focus on the Lloyd’s of London market (Lloyd’s).
We believe that the Lloyd’s market offers a unique, uncorrelated asset class for investors, but it has historically lacked the transparency required for sophisticated capital allocation.
We exist to fix that. By cleaning, standardising, and modelling granular underwriting data, we provide insight into the “Alpha” that investors seek and the benchmarking that carriers need.
ICMR was established in early 2020 and launched the RISX equity index in 2021. We are an associate member of the Lloyd’s Market Association. For more information visit: https://insurancecapitalmarkets.com