The Lloyd’s of London insurance market has reported a £1.8bn ($2.07bn) pre-tax loss for the first half of 2022, reversing last year’s £1.4bn profit.

Underwriting activities earned a £1.2m profit, compared with £963m a year earlier.

But the underwriting gains were wiped out by a £3.1bn investment loss.

Gross premium increased to £24bn from £20.4bn in the first six months of the year.