Lloyd’s of London swung back into profit today, helped by a rise of over a fifth in the premiums written at the world’s largest insurance marketplace.
A rebound in the valuation of its bond portfolio helped, after the impact of writedowns sparked by rising interest rates rippled out of its half-year results. But the improvement was driven by rising profitability in Lloyd’s core underwriting business, which reached £2.5 billion for the first half of 2023, up from £1.2 billion a year ago.
