Lloyd’s financial strength rating upgraded by Standard and Poor’s (S&P)

Lloyd's announces that ratings agency Standard & Poor’s (S&P), has revised its financial strength rating to ‘AA–’; outlook stable, from ‘A+’; outlook stable.

The rating upgrade reflects the improvement in Lloyd’s balance sheet strength, which S&P has assessed to be ‘excellent’, as well as Lloyd’s very strong capital and solvency positions with profitability in both underwriting and investments, and strong premium growth evidenced in Lloyd’s 2023 Half Year Results published in September this year.  

In the update, S&P highlight the corrective underwriting actions taken by Lloyd’s in recent years - focused on robust underwriting discipline through better oversight of syndicates - as a key reason for Lloyd’s improved performance. 

Burkhard Keese, Lloyd’s CFO, said: “This latest upgrade reinforces Lloyd’s financial strength and resilience, and is a welcome testament to the progress made in recent years to improve performance and strengthen Lloyd’s balance sheet. 

Financial strength ratings are vital indicators to our customers, our market, and our investors. This upgrade provides a renewed optimism that we will continue on our positive financial trajectory and deliver a strong financial outlook for 2023.” 

Lloyd's will issue its 2023 Full-Year Financial Results on 28 March 2024.