Lloyd’s reports stable Q1

by David Masters

Story link: Lloyd’s reports stable Q1

Lloyd’s of London said today that its projections for 2009 remain unchanged despite reporting that its first quarter investments were hit by volatile financial markets.

“There have been no events that have resulted in any material changes to our expectations for the full year,” Lloyd’s said in a statement.

Despite investments being knocked by the recession, the company’s assets after setting aside capital fell only slightly from £2.48 billion to £2.45 billion.

“The net assets of the Society have decreased by £5m, impacted by the continuing financial market volatility,” Lloyd’s said.

It added: “A similar decrease in the net assets of the Society was experienced during the first quarter of 2008.”

The specialist insurance society also announced plans to buy back up to £100 million in loan notes at discounted prices.

The notes it plans to buy back are not due to mature until 2014, 2015, and 2017.

In 2008, Lloyd’s posted a 51% fall in profit and predicted that 2009 would be dominated by the fallout of the credit crunch.