In its most recent annual report, for 2019, Lloyd's reported an underwriting loss of £1bn, offset by a £3.5bn profit on investments to produce an overall pre-tax profit of £2.5bn, compared to an overall pre-tax loss of £1bn in 2018. The 2019 calendar-year combined ratio was 102.1 per cent, down from 104.5 per cent in 2018. Like 2017 and 2018, the 2019 underwriting result was impacted by a number of major claims, including Hurricane Dorian in the Caribbean and Typhoons Faxai and Hagibis in Japan. Gross premiums written totalled £35.9bn, which was a slight increase from £35.5bn in 2018, without taking exchange rate fluctuations into account.