Lloyd’s reveal interim results
Specialist insurance market Lloyd’s has unveiled its interim results for the present year.
Pre-tax profit was recorded at £949m, significantly less than the corresponding period the previous year which was £1,807m.
The declining profits occur during a difficult time for the market, with increasing attritional claims.
However, central assets are at a record level, hitting £1,936m.
Investments returned were worth £346m, and the market’s combined ratio (which stands at 89%) bears up well under comparison with other organisations around the world.
Lord Levene, chairman of Lloyd’s, described the results as a strong performance in extremely challenging circumstances.
Levene attributed falling profits to rising costs and lower income from investments, which was not a surprise.
Category: Financials, Insurance News
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