Lloyd's posts $2.72B pre-tax profit for first half of 2014
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Lloyd's of London posted pre-tax profit of £1.67 billion ($2.72 billion) for the first half of 2014, up 21.0% from £1.38 billion ($2.25 billion) for the first six months of 2013.
The London-based insurance and reinsurance market posted a combined ratio of 88.2% for the first half of 2014 compared with 86.9% for the first half of 2013.
Lloyd's acting finance director John Parry said the results had been boosted by a benign period for large catastrophe losses, among other factors.
Lloyd's gross written premium for the first half of 2014 was £14.90 billion ($24.27 billion), down 3.9% from £15.5 billion ($25.25 billion) in the first half of 2013.
Lloyd's investment income for the first six months of 2014 totalled £642 million ($1.05 billion), up from £247 million ($402.3 million) for the comparable period last year.
Mr. Parry said that investment income had been boosted by an increase in yields on U.S. government bonds but still was well below historical high levels in part because of a continued low interest rate environment.
Mr. Parry said Lloyd's was very pleased with the results which had also been helped by reserve releases of £760 million ($1.24 billion), compared with £779 million ($1.27 billion) in the first half of 2013.
In a statement, Inga Beale, CEO of Lloyd's, said the results were especially pleasing given the challenging market conditions.
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