Insurer Lloyd's of London swings to $13.5 billion profit in 2023
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Lloyd's of London reported a pre-tax profit of £10.7 billion ($13.51 billion) in 2023, a significant turnaround from the £800 million loss suffered in 2022. The commercial insurance market attributed the profit to strong underwriting and investment performance. The underwriting profit more than doubled to £5.9 billion, while investments returned £5.3 billion, aided by higher interest rates. Chief Executive John Neal expressed the intention to continue delivering consistent profitable performance through disciplined underwriting.
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