Lloyd's reports GBP3.2 billion profit for 2014
Source: Asia Insurance Review | May 2015
Lloyd’s has announced that it made a pre-tax profit of GBP3.2 billion (US$$4.76 billion) for 2014, driven by a relatively benign year for major natural catastrophes, favourable prior year development, and an improved return investment return.
Although its profits were unchanged from the previous year, gross written premium slipped to GBP25.3 billion for 2014 from GBP25.6 billion in 2013.
However, Lloyd’s said it continues to outperform its competitor group with a combined ratio of 88.1% compared with the competitor group’s average of 93.1%.
Lloyd’s CEO Inga Beale said: “This is a strong set of results for Lloyd’s, despite challenging market conditions. The robust performance of the market in 2014 reflects a collective achievement of which we should be proud. In the face of global challenges, an abundance of capital and the low interest rate environment, Lloyd’s is being proactive in seizing the opportunities out there for growth and diversification.”
She added: “We will continue to engage with our global network of syndicates and brokers, to ensure Lloyd’s remains at the forefront of innovation in the industry.”