Lloyd’s reports £0.9bn loss

The Lloyds building in London.

Lloyd’s of London announced a £0.9bn loss following coronavirus losses.

Covid pay-outs will total £6.2bn. The group’s net resources grew to £33.9bn in 2020.

“Following an extremely challenging year marked by a global health crisis of a scale never seen before, Lloyd’s continued to support its customers with pay outs expected to total £6.2bn in COVID19 claims,” said John Neal, chief executive of Lloyd’s.

“Against this unprecedented backdrop we have made good progress across our performance, digitalisation, and culture transformation plans. Our disciplined underwriting approach and determination to become the world’s most advanced insurance marketplace have set us up for real success this year alongside the continued positive rate momentum that will see the market supporting growth for the first time in four years.”

Sales at the group were also down last year. Gross written premiums fell to £35.5bn, which is £400m less than the year before.