|    FM Home   |    FM News   |    FM Forum   |    FM Blog   |   
18th of October 2010
|    Banking  |   Insurance  |   Property  |   Mortgages  |   Economy  |   Investments  |   Credit Cards  |   Debt  |   Loans  |   Pensions  |   Companies  |  
September 25, 2008    

Lloyd’s of London reports profit fall

Bookmark and Share

by Kay Murchie
Lloyd's of London reports profit fall

Pre-tax profits at the world’s biggest insurance market, Lloyd’s of London, fell 47% to £949 million for the first six months of the year, compared to £1.8 billion the previous year.

Commenting on the results, Lloyd’s chairman Lord Levene, said the fall was no surprise with profits heavily influenced by falling investment income and increased cost of claims.

Lord Levene warned that the latter half of the year will remain subject to the incidences of natural disasters.

The group said the costs of Hurricanes Gustav and Ike in the US was likely to have an impact on earnings as they caused considerable, widespread damage.

Last year’s figures were boosted by the absence, at the time, of any major natural catastrophes since US hurricanes Katrina and Rita in 2005.

Despite the decline in profits, the market’s combined ratio remained below 89% for the period.

Chief executive, Richard Ward, said the market remains in a good position to face the challenges ahead.

Lloyd’s, which is world’s leading specialist insurance market, is made up of 75 underwriting syndicates, which insure a wide range of items and businesses.

Discuss this in the Finance Markets forums

Story link: Lloyd’s of London reports profit fall

Need a loan? Apply for one now!
Personal loan application
  • Over 100 lenders
  • Instant decision
  • No obligation quote
  • Safe, easy, and simple
  • Your data is protected

Related financial stories to: Lloyd’s of London reports profit fall:
Previous: «
Next: »

Visited 1438 times, 1 so far today

No Comments »

No comments yet.

RSS feed for comments on this post.

Leave a comment

Tags: , falling investment income, hurricanes, increased cost of claims, ,


Insurance News feed Insurance News

All Financial News feed All Financial News