Lloyd's has reported an interim profit before tax of £1.35bn for the six month period ending 30 June 2006.
This result is broadly similar to that of last year, underpinning the market's consistency with a 20% improvement in underwriting profit offset by a smaller contribution from investment income compared with the same period last year.
The market recorded a marginal improvement in its combined ratio to 86% from 87.3%, compared with an estimated average of 93% for US property & casualty insurers; 97% for US reinsurers; 89% for Bermuda; and 93% for European insurers and reinsurers.
In addition, Lloyd's increased its central assets to £1,401m from £1,265m at the end of last year.
The market's solvency ratio increased to 529% from 384% at the end of 2005.
Lloyd's chairman Lord Levene said: “These are an excellent set of results. Today's numbers clearly show the underlying strength of the market. Lloyd's, in the first half of 2006, outperformed its major international peer groups due to a combination of good market conditions and the strong underwriting discipline within the market.”
Lloyd's Chief Executive Richard Ward added: “Five new syndicates have joined the market in the last year, which together with the £2bn of fresh capital during the same period demonstrates once again Lloyd's continuing appeal as a place to do business.”
Recent Related News
Lloyd's unit launches marine database
Ward takes helm at Lloyd's
