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U.S.-based Moody’s Investors Service Inc. said that Lloyd’s of London posted an underwriting profit of over £1.7 billion ($2.15 billion) in 2021, signaling a return to profitability for the first time in the past five years, Reinsurance News reported. Lloyd’s turnaround could be attributed to its efforts such as pricing hikes, cost cutting and withdrawal from unprofitable business, all of which have strengthened its capacity to absorb large losses.