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Lloyd's of London H1 pretax profit up 39 pct

Lloyd's of London H1 pretax profit up 39 pct

Lloyd's of London, the world's largest insurance market, on Thursday reported that pretax profit in the first half of the year rose 39 percent to 1.3 billion pounds ($2.1 billion).
Gross premiums rose 35 percent to 13.46 billion pounds.
"We have been fortunate that there have been few major natural catastrophes in the first six months of the year, although there have been a number of aviation losses," Lloyd's Chairman Peter Levene and CEO Richard Ward said in their report.
Lloyd's said its combined ratio _ the measure of premiums against claims _ was 91.6 percent, compared with 91.3 percent for all of 2008. Any measure below 100 percent indicates an underwriting profit, and a lower number indicates higher profitability.
Return on investment was 708 million pounds, or 1.6 percent, compared to 346 million pounds in the first half of last year. "The recovery in the value of corporate debt securities during the period made a significant contribution to the return," Lloyd's said.
Unlike most insurers, Lloyd's operates as a society of members, which may be insurance companies, specialist investors or individuals. Members underwrite insurance through 75 syndicates, which compete for business in many specialty areas, including marine, aviation, professional indemnity, catastrophe and motor insurance.
Lloyd's does not report a net result, because the tax impact varies among its corporate and individual members. As an association, Lloyd's is not publicly traded, though some of its members are listed companies.
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http://www.lloyds.com


Updated : 2021-10-19 03:19 GMT+08:00