Lloyd’s reports record £3.9bn pre-tax profits
Lloyd’s of London has reported its financial performance results for 2009, a year which saw it make pre-tax profits of £3.9bn.
This marks a more than doubling of the £1.9bn made in 2008, and is a best ever pre-tax profit margin for the firm, exceeding the £3.8bn made in 2007.
Central assets increased marginally, up £22m to £2,084m, and investment return almost doubled from £957m in 2008 to £1.8bn in 2009.
Lord Levene, Lloyd’s chairman, attributed the record breaking pre-tax profits of the firm to careful attention and hard work.
Lord Levene went on to say that the record breaking results were achieved despite ongoing economic volatilty, but did acknowledge that the firm benefited from a smaller degree of catastrophe-related losses than is usual.
Chief Executive Richard Ward has said that the firm relied on a conservative investment approach, underwriting discipline and a strong balance sheet to achieve its results.
Ward also warned against complacency in 2010, and stated the firm would need to continue working hard to maintain momentum.
Category: Financials, Insurance News
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