Lloyd’s of London (SOLYD.UL) reported a pre-tax loss in 2022 and writedowns on its fixed-income portfolios on Thursday.
Compared to a profit of 2.3 billion pounds a year earlier, the pre-tax loss was 800 million ($982.56 million).
Several financial institutions have suffered from rising interest rates, with a net investment loss of 3.1 billion pounds compared to a 900 million pound profit in 2021.
Lloyd’s underwriting profit rose 53% to £2.6 billion. Recent premium increases have boosted insurers’ underwriting profits.
A statement from Lloyd’s CEO, John Neal, predicted 56 billion pounds in 2023 premiums, up from 46.7 billion in 2022.
