Lloyd's profits down 16.4 percent in H1 2017
Specialist insurance and reinsurance market Lloyd's reported pre-tax profits of £1.22bn for the first half of 2017, down from £1.46bn for the same period in 2016.
However, it experienced a reduction in its combined ratio to 96.9 percent, down 1.1 percentage points year-on-year.
Gross written premiums for the period were £18.9 billion, and increase from £16.3 billion year-on-year.
The figures do not take into account the recent storms faced by the Caribbean and the US, Hurricanes Harvey and Irma.
“These results highlight the continued strength of the Lloyd’s market, but they do reflect the challenging conditions that have shaped the sector over recent years," said Lloyd's chief executive Inga Beale. "Our focus on maintaining a strong underwriting discipline and concentrating on profitable lines of business is showing signs of success, but we cannot allow that focus to waver if we are to continue to ensure the Lloyd’s platform is the most attractive option for customers."
Lloyd's capital positions remains strong, with Fitch at AA- (very strong), Standard & Poor’s at A+ (strong) and A.M. Best at A (excellent).
Beale continued: “Whilst these results do not cover the current hurricane season in the Caribbean and United States, the market is assessing claims and starting to make payments that will help local communities and businesses get back on their feet as quickly as possible. It is our ability to respond quickly and effectively in times like these that differentiates the Lloyd’s market and is ultimately what we are here to do.”
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