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Lloyd’s of London swung to a pre-tax profit of 10.7 billion pounds ($13.51 billion) in 2023, the commercial insurance market said on Thursday, boosted by strong underwriting and investment performance.

The insurance market, which has more than 50 member firms, suffered an 800-million-pound loss in 2022.

Commercial insurers, who underwrite anything from oil rigs to professional footballers’ legs, have coped in recent years with a pandemic, wars, inflation and rising losses from natural catastrophes by excluding some business and raising prices.

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“We’ll continue working with our market to deliver consistent profitable performance through disciplined underwriting,” Chief Executive John Neal said in a statement.

Lloyd’s said earlier this month that its underwriting profit more than doubled to 5.9 billion pounds. Its investments returned 5.3 billion pounds, helped by higher interest rates, compared with a 3.1 billion loss a year ago.

($1 = 0.7922 pounds)

(Reporting by Carolyn Cohn; editing by Bernadette Baum)

Topics Profit Loss Excess Surplus Lloyd's London