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Daily Insurance Industry News
Saturday 20th of January 2018
March 30, 2011

Lloyd’s reports £2.2bn profit for 2010

by Gill Montia

Story link: Lloyd’s reports £2.2bn profit for 2010

Lloyd’s has announced pre-tax profit of £2.2 billion for 2010 “despite a challenging year of significant claims”. The result compares with 2009’s record-breaking £3.9 billion.

However, the London insurance market reported a combined ratio of 93.3%, which compares favourably with competitors.

Commenting on the market, Lloyd’s chairman, Lord Levene, said that the catastrophes of both 2010 and 2011 demonstrate the “crucial role” insurance plays in helping communities rebuild after a crisis.

He added that insurance remains part of a wider financial services industry that is “essential to Britain’s economic recovery”.

Looking ahead, Lloyd’s chief executive officer, Richard Ward, referred to “challenging times”, saying “we must help the market steer through the cycle, ensuring they underwrite for profit and not growth”.

He added: “At the same time we are positioning the market to take advantage of future opportunities by expanding in new economies and making it even easier to do business with Lloyd’s.”

On Solvency II, Dr Ward reported good progress, although with increasing concerns over the cost and complexity of the exercise.

“We must make sure this one piece of regulation doesn’t do lasting damage to our international competitiveness – either for Lloyd’s or the industry more widely.” he said.

 

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