Lloyd's of London has reported a drop in pre-tax profit to £2.1bn for 2015, from £3bn the previous year.
COVER's sister title Post said investment returns and the underwriting result also fell, from £1bn to £400m and £2.3bn to £2bn respectively.
There was also a drop in return on capital from 14.1% to 9.1%.
In a statement, Lloyd's said: "The results demonstrate Lloyd's continuing financial strength and sound market-wide performance despite a turbulent macro-economic backdrop and some of the most challenging market conditions the industry has seen for many years."
Gross written premiums were up to £26.7bn from £25.3bn and combined operation ratio also saw an increase from 88.4% to 90%.
Lloyd's chairman John Nelson said: "Each year brings a unique set of challenges, requiring determination, innovative thinking and solutions."
"This year has been no different. In a market undeniably tougher than seen for many years, we have had to demonstrate our ability to adapt and take action.
"In these conditions, these results are creditable and a tribute to the continued skill and professionalism of the Lloyd's market underwriting community."
Headed up PFS for eight years
Questions over fairness
Support accessible from one place