Lloyd’s underwriting profit more than doubled last year in a result it has described as the best in recent history. 

The profit increased to £5.9 billion ($11.4 billion) from £2.6 billion ($6.4 billion), according to preliminary results released last week. 

Gross written premium rose 11.6% to £52.1 billion ($101 billion), reflecting 4% organic growth and 7% price changes, while the market’s combined operating ratio improved 7.9 percentage points from the prior year to 84%. 

“We continued to see sustainable, profitable growth and performance, leading to our best underwriting result in recent history and a rock-solid balance sheet that gives us and our stakeholders confidence in an uncertain environment,” Lloyd’s CFO Burkhard Keese said.  

“We will maintain our focus on underwriting and capital discipline and we look forward to announcing our full results and strategic progress later this month.” 

The attritional loss ratio remained stable at 48.3% while the expense ratio was also flat at 34.4%. 

The investment return of £5.3 billion ($10.3 billion) compared to a loss of £3.1 billion ($6 billion) last year, reflecting the higher interest rate environment and mark-to-market impacts. 

Lloyd’s will release its full result on March 28, when it will also provide guidance for the current year.