Lloyd’s in 'strong position to respond to impacts of COVID-19' following £2.5bn profit

Insurance specialist Lloyd’s of London (Lloyd’s) has confirmed that it is in a “strong position to respond to the impacts of COVID-19” following last year’s performance.

In a trading statement this morning, Lloyd’s confirmed that its solvency ratio as of March 19 stood at 205 per cent, after returning to profitability in 2019 with a pre-tax profit of £2.5bn.

The firm stressed that the “exceptional strength” of its balance sheet has equipped it to deal with the ongoing coronavirus pandemic and economic uncertainty.

John Neal, Lloyd’s CEO, commented: “Whilst we are pleased to be announcing Lloyd’s return to profitability in 2019 and continued progress across our priorities, our primary focus right now is on supporting our customers and business partners in their time of need.

“I am confident in Lloyd’s ability to meet the challenges before it, and in doing so demonstrate the market’s unrivalled ability to support people, businesses and countries around the world in response to the far-reaching impacts of COVID-19.

“We have sharpened our focus for 2020, prioritising initiatives that will ensure around 80 per cent of Lloyd’s business is digitally supported, together with fast-tracking claims processing improvements and building the foundational data and technology infrastructure to support Lloyd’s future ecosystem.”