Lloyd's reports lower profits

Lloyd's of London posted a profit of more than £2 billion ($2.6 billion) in 2016 amid a continued soft market and as the use of traditional and alternative capital continued to grow in the insurance industry, xprimm.com reported. The lower underwriting result in 2016 was offset by significantly improved investment returns. "The challenge for all of us is to reduce the cost of conducting business because within the market this is impacting on already thin underwriting margins," said John Nelson, chairman of Lloyd's.

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