Lloyd’s reiterates strategy in Q1 results
Lloyd’s has reiterated its plan to reinforce its position as the global centre for specialist re/insurance in its interim management statement for the first quarter of 2014.
The estimate of the excess of central assets over solvency shortfalls has remained stable during the three month period at £3,126 million, while society net assets increased slightly to £1669 million this quarter, compared with £1663 million in the final quarter of 2013.
Lloyd’s said that despite some volatility in financial markets during the first quarter of 2014, net movements in the period as a whole were modest.
Equity markets fell in January amid concerns about the sustainability of global growth, but subsequently recovered to be little changed by the end of the quarter. Bond yields also saw a decline in January as expected interest rate rises receded, but increased later in the period.
The Society’s investments returned £18 million, or 0.8 percent, in the three month period. Lloyd’s said this return was driven by the fixed interest investments in the Central Fund, which benefitted from yield movements during the period.
