Lloyd’s reports £628m interim profits
by Richard Kilner
Story link: Lloyd’s reports £628m interim profits
Lloyd’s of London has reported interim profits of £628m for the first six months of the year.
The market has stated that the biannual result is a reflection of challenging investment conditions and significant claims.
Central assets hit the record high of £2,232m, and an investment return of £597m was yielded by the conservative investment mix the market opted for.
Chairman Lord Levene has stated that the first six months of 2010 were the costliest on record for Lloyd’s, and insurers around the world.
Lord Levene highlighted the Chilean earthquake and the Deepwater Horizon disasters as two of the most significant events in the period, entailing sbstantial losses.
He added that the fact that Lloyd’s achieved a profit despite the challenging conditions was an indication of the market’s strength.
The latter half of the year may provide little relief for the insurance industry, with an active hurricane season forecast raising the prospect of more substantial disasters and losses in H2 2010.