Lloyd's of London reports 26% jump in H1 profit
LONDON, Sept 5 (Reuters) -Commercial insurance market Lloyd's of London SOLYD.UL on Thursday reported a 26% jump in first-half pre-tax profit to 4.9 billion pounds ($6.44 billion), as its members avoided riskier business.
Lloyd's, which is made up of more than 50 insurance companies, underwrites specialist risks from oil rigs to professional footballers' legs.
Commercial insurers have coped in recent years with a pandemic, wars, inflation and rising losses from natural catastrophes by excluding some business and raising prices.
Lloyd's CEO John Neal said the market's "superb" results reflected "a combination of disciplined underwriting, smart organic growth and real strength in the Lloyd’s balance sheet".
Gross written premiums rose 6.5% to 30.6 billion pounds, while the group's combined ratio, a measure of underwriting profitability in which a level below 100% indicates a profit, strengthened to 83.7% from 85.2% a year earlier.
($1 = 0.7614 pounds)
Reporting by Carolyn Cohn; Editing by Jan Harvey
Related Assets
Latest News
Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.
All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.
Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.
