Lloyd's report EUR 1.77 billion (GBP 1.46 billion) profit for first half of 2016

29 September 2016 — Daniela GHETU
Lloyd's announced profit of EUR 1.77 billion (GBP 1.46 billion) for the first half of 2016 with the publication of their interim report.

The figures show an increase in profits of EUR 0.31 billion (GBP 0.26 billion) on the same period last year for the world's specialist insurance and reinsurance market. Lloyd's also reported an annualised return on capital of 11.7% and a combined ratio of 98.0%.

The key financial figures are:
  • Pre-tax profits of EUR 1.77 billion (GBP 1.46 billion), (H1 2015: GBP 1.20 billion)
  • Return on capital of 11.7% (H1 2015: 10.7%)
  • Combined ratio of 98.0% (H1 2015: 89.5%)
  • Investment return of 1.8% (H1: 0.6%)
  • Net resources of EUR 32.19 billion (GBP 26.6 billion)
2016 saw major claims increase due primarily to the Fort McMurray fires in Alberta, Canada.

Premiums continue to be under pressure due to the challenging environment the market is operating in, Lloyd's financial ratings remain extremely strong with Fitch (AA-), A.M. Best (A) and Standard & Poor's (A+).

Lloyd's Chief Executive, Inga BEALE, said:

"These results reflect the highly competitive environment we are operating in, but they demonstrate that Lloyd's is in robust financial shape. Clearly the UK's referendum on its EU membership is a major issue for us to deal with and we are now focussing our attention on having in place the plans that will ensure Lloyd's continues trading across Europe."

Lloyd's Chairman, John NELSON, commented on Lloyd's global access:

"Whilst we are operating in difficult conditions, we have continued to make significant progress in growing our presence in the fast-growth markets across the globe. In 2016 we have applied for onshore reinsurance licences in India and Malaysia as well as opening a new office in Bogota, Colombia. This complements the growth we are seeing in Dubai, China and in our more traditional markets, particularly the United States."

Results at a glance

tabel_stire_lloyds

Lloyd's 2016 Interim Report can be accessed at: www.lloyds.com/interims2016

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