Lloyd's of London posts H1 pretax profit of 1.22 bln stg

Lloyd's of London posts H1 pretax profit of 1.22 bln stg”

Insurance and reinsurance companies are starting to better understand their exposure to the events, and have now been providing loss estimates for the storms, that are expected to be realised in third-quarter 2017 results.

Lloyd's of London has announced a 16 per cent dip in profit for the first half of 2017, and the group said it has not yet taken stock of the effects of recent devastating hurricanes in the Caribbean and United States.

Lloyd's made 1.22 billion pounds ($1.63 billion) in profit before tax in the six months to the end of June, down from 1.46 billion pounds a year earlier, although Beale said part of the drop in profit was related to currency fluctuations.

Lloyd's estimated net claims, after reinsurance, from hurricanes Harvey and Irma will be around $4.5bn (£3.6bn).

In the Lloyd's first-half 2017 financial report, where the market reported a decline in profit but increased volumes, Inga Beale, Chief Executive Officer (CEO), commented on the events; "Recent natural catastrophes around the world have underlined the importance of what we do as a sector and a market".

The figures also highlighted an improved underwriting performance up from £0.21bn past year to £0.37bn - a 78% uptick.

Lloyd's also reported a reduction in combined ratio to 96.9 percent.

Lloyd's return on capital worsened to 8.9 pct from 11.7 pct, due to pressure on returns from low interest rates.

Lloyd's recorded a significant improvement in the underwriting result from £0.2bn last year to £0.4bn this year, "shaped by the low incidents of major losses, action taken to address underperforming lines of business along with price and trading competition across other lines of businesses".

Lloyd's noted that the figures do not take into account the recent significant storms faced by the Caribbean and U.S., and instead represent a "relatively benign loss period", which it said continued until recently.

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