# Lloyd’s of London swings to 2022 pre-tax loss
Author:  Pal Sinha, Barnali 
Author URL: https://financedigest.com/author/pal-sinha-barnali
Published: 2023-03-23
Category: NEWS
Category URL: https://financedigest.com/category/news
Meta Title: Lloyd's of London reports 2022 pre-tax loss and
Meta Description: Lloyd's of London announced a pre-tax loss of 800 million pounds in 2022 due to investment writedowns, while underwriting profit surged. CEO John Neal
URL: https://financedigest.com/lloyds-of-london-swings-to-2022-pre-tax-losshtml

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FRANKFURT (Reuters) – Lloyd’s of London swung to a pre-tax loss in 2022 and took writedowns on its fixed-income investments, it said on Thursday.

The pre-tax loss was 800 million pounds ($982.56 million), compared with a profit of 2.3 billion pounds a year earlier.

Rising interest rates have hit investments at many financial firms, and it posted a net investment loss of 3.1 billion pounds, compared with a 900 million pound profit in 2021.

However, Lloyd’s underwriting profit jumped 53% to 2.6 [billion pounds](https://www.financedigest.com/shell-to-evaluate-25-billion-pound-british-investments-after-windfall-tax.html "Shell to ‘evaluate’ 25 billion pound British investments after windfall tax"). Higher premium rates have helped [insurers’ underwriting profits in recent years](https://www.financedigest.com/2020-the-paradoxical-year-that-has-reshaped-the-future-of-motor-insurance-and-related-sectors.html "2020: The paradoxical year that has reshaped the future of motor insurance and related sectors").

John Neal, CEO of Lloyd’s, forecast 2023 premiums of 56 [billion pounds](https://www.financedigest.com/edf-delays-uk-nuclear-project-to-2027-ups-price-by-3-billion-pounds.html "EDF delays UK nuclear project to 2027, ups price by 3 billion pounds"), up from 46.7 billion in 2022, according to a statement.

($1 = 0.8142 pounds)

[(Reporting by Tom Sims; Editing by Sandra Maler)](https://www.financedigest.com/simalliance-members-report-shipments-of-4-9-billion-sims-in-2017-while-estimated-total-available-sim-market-in-2017-increases-2-75-to-5-6-billion-units.html "SIMalliance Members Report Shipments of 4.9 Billion SIMs in 2017, while Estimated Total Available SIM Market in 2017 Increases 2.75% to 5.6 Billion Units   ")


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