In its most recent annual report, for 2020, Lloyd's reported an underwriting loss of £2.68bn, partly offset by a £2.27bn gain on investments to produce an overall pre-tax loss of £887m, compared to an overall pre-tax profit of £2.53bn in 2019. The 2020 calendar-year combined ratio was 110.3 per cent, up from 102.1 per cent in 2019. The underwriting result was impacted predominantly by losses arising out of the COVID-19 pandemic, as well as multiple Atlantic hurricanes, a severe derecho in the United States, the explosion in Beirut and a number of other major events. Gross premiums written totalled £35.47bn, which was a slight decrease from £35.91bn in 2019, without taking exchange rate fluctuations into account.