Lloyd’s CEO John Neal says many business lines are still experiencing positive trends following the business’ “superb” first half.

The June-half results, released last week, showed profit before tax rising to £4.9 billion ($9.6 billion) from £3.9 billion ($7.6 billion) a year earlier.

Underwriting profit surged to £3.1 billion ($6.1 billion) from £2.5 billion ($4.9 billion) and the combined operating ratio improved to 83.7% from 85.2%.

“We continue to see positive trends across a number of lines, with property classes generally well- priced and some attention and focus still needed on casualty classes,” Mr Neal said.

“As a whole, we’re seeing ‘super cycle’ conditions based on a protracted period of stable capital and underwriting conditions.

“The superb start to the year has ensured we are well positioned to respond to global change through the second half of the year and into 2025.”

He says the results demonstrate Lloyd’s “continued strong, sustainable, profitable performance. The market’s combined ratio, a key measure of underwriting profitability, [is] our best interim result since 2007 and supporting an overall profit of £4.9 billion.”

Gross written premium grew 4.4% to £30.6 billion ($59.9 billion) as the market experienced “sustained” price increases, notching a 26th consecutive quarter of positive pricing in the three months to June, Lloyd’s says.

The first half brought an average price increase of 1.5%, with small improvements across most major business lines and geographies, partially offset by casualty, which experienced a small decrease as cyber and directors’ and officers’ classes recorded rate reductions.

There was a 5% net increase in business volume, including growth from the strongest market performers and new entrants. Lloyd’s says syndicates have demonstrated their capacity to underwrite business that contributes to sustainable, profitable growth.