collected by :Victor Alphen
Lloyd’s of London, the specialist insurance & reinsurance market, has announced a 16 per cent fall in profits for the 1st half of 2017.
Investment return fell from 1.8 per cent to 1.5 per cent & the return on capital declined from 11.7 per cent to 8.9 per cent.
The latest figures too don’t take into account the recent storms in the Caribbean & the US.
Before the latest bout of Hurricanes, 2017 had been a “benign loss period”, according to Lloyds.
Lloyd’s of London has been 1 of dozens of financial institutions which has committed to setting up a operations in Europe in order to be capable save operating after Brexit.
Lloyd’s of London pre-tax profit drops 16 percent
LLoyd’s of London SOLYD.UL announced a 16 % fall in half-year pre-tax profit on Thursday, & faces a challenging finish to 2017 given it Information Systems continue to take into account the chock of hurricanes in the Caribbean & United States.
The unlisted company, which forms the world’s largest specialist insurance market, told it made 1.22 bn pounds in profit before tax in the 6 months to the finish of June, drop from 1.46 bn pounds a year earlier.
Combined ratio Information Systems a measure of underwriting profitability in which a standard below hundred % indicates a profit.
Lloyd’s of London Chief Executive Inga Beale told the results reflected the challenging conditions which have shaped the sector over recent years.
Lloyd’s of London reports £1.22bn profit – however it has not factored in Hurricanes Harvey, Irma & Maria yet
The insurance market announced pre-tax profit of £1.22bn, compared by £1.46bn now final year.
However, gross written premiums promoted to £18.9bn, & the combined ratio got better to 96.9 per cent, from 98 per cent.
“These results highlight the continued Dominance of the Lloyd’s market, however they do reflect the challenging conditions which have shaped the sector over recent years,” chief executive Inga Beale said.
It Information Systems our ability to reply quickly & effectively in times such as these which differentiates the Lloyd’s market & Information Systems in the end what we are here to do.”
Beale formerly told insurers can rack up losses of $200bn (£150m) because of the recent storms on the other side of the Atlantic.