Profit at Lloyd's hits £3.2bn

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Record GWP in a benign year for catastrophe claims.

Lloyd's has announced a profit of £3.2bn for 2013, up from the £2.8bn achieved in 2012.

Gross written premium income at the specialist insurance and reinsurance market increased to a record £26.1bn while its combined operating ratio improved markedly to 86.8% (2012: 91.1%). The pre-tax return on capital delivered in the year was 16.2%.

Lloyd's CEO Inga Beale commented: "Disciplined underwriting and a benign year for major catastrophes have enabled us to outperform our peers and post this outstanding profit of £3.2 billion.

"From this base, the Lloyd's market has a great opportunity to expand in the underinsured, high growth economies around the world.

She added: "We will continue to support our expert underwriters, through efficient operations, to attract capital and talent from these high growth economies."

Chairman of Lloyd's John Nelson added: "These are outstanding results for Lloyd's and are a tribute to the talent and professionalism in the Lloyd's market.

"Whilst we saw few catastrophe claims in 2013, continued low interest rates saw reduced investment income and high levels of capital continuing to flow into the market which put pressure on prices."

He concluded: "These conditions look set to persist. I therefore expect increased competitive pressure on the market to remain in 2014.

"This underlines the need for continued underwriting discipline as we seek to maintain and reinforce our position as the global centre for specialist insurance and reinsurance."


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