Lloyd’s profit halved
Lloyd’s of London has reported pre-tax profit of £1.899 billion for 2008, earnings having fallen from £3.846 billion a year earlier.
However, the insurer’s chairman, Lord Levene, describes Lloyd’s as remaining in good shape “amidst the unprecedented slump in the world economy”.
He further comments that the market experienced significant claims from natural catastrophes, lower insurance rates and falling investment income last year, adding that the latter has been partially offset by currency movements and surpluses from earlier years.
Looking to the future, Lloyd’s chief executive Richard Ward, comments: “As we move into 2009, it is more important than ever that we continue to improve our service to our customers, enhance our partnership with the market and continue to monitor the shifting global landscape so we are prepared to create and take advantage of opportunities as they arise.”
Lloyd’s also reported that the value of its central assets rose to £2.072 billion in 2008 (£1.951 billion) and that its surplus on prior years stood at £1.265 billion (£856 million).
Category: Companies News, Financials, Insurance News
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