Lloyd's announced a loss of GBP 0.4bn (pre-tax) for the first six months of 2020, driven by GBP 2.4bn in COVID-19 losses contributing 18.7% to the market's combined ratio of 110.4%. Excluding COVID-19 claims, the market's combined ratio has shown substantial improvement at 91.7%, down from 98.8% in 1H 2019.