Lloyd’s reports strong biannual profits

Lloyd’s has reported that during the first six months of 2012 it made a profit of £1.53bn.

This is the highest interim profit that Lloyd’s has achieved for five years, and is a swift return to the black after it incurred a £697m interim loss during the first half of 2011.

Total net claims fell by almost a third, year-on-year, to £4,584m, with investment return rising by 13% to £619m.

Lloyd’s Chairman John Nelson attributed the market’s strong biannual result to an absence of major catastrophes, but warned that there was no guarantee of a similarly benign period during the latter half of the year.

Chief Executive Officer Richard Ward welcomed the market’s return to profit, adding that it was a testament to disciplined underwriting.

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Category: Financials, Insurance News