Thursday 25 September 2014 – Lloyd’s has today reported a profit of £1.67bn for the first six months of 2014, marking a 21% increase on the corresponding period last year. (source: Lloyd’s of London)
While these results show an improvement over the equivalent period in 2013, market conditions are becoming increasingly challenging.
Lloyd’s CEO, Inga Beale believes the results are reflective of the market’s expert underwriting.
“Continued innovation, combined with robust oversight and financial strength, all ensure the successful operation of the market despite challenging conditions, ” she said.
In June, Lloyd’s received a rating upgrade by Fitch from ‘A+’ to ‘AA-’, citing Lloyd’s excellent underwriting oversight, and investment in risk and exposure management practices as part of Solvency II preparations.
Lloyd’s Chairman, John Nelson said the half year results are particularly positive in the current competitive environment: “The Lloyd’s market continues to remain in a strong financial position, and this solid foundation means Lloyd’s is in a great position to continue to expand in both established and high-growth economies around the world.”