Lloyd's posts £900m profit plunge in "undeniably tougher" market

clock • 1 min read

Lloyd's of London has reported a drop in pre-tax profit to £2.1bn for 2015, from £3bn the previous year.

COVER's sister title Post said investment returns and the underwriting result also fell, from £1bn to £400m and £2.3bn to £2bn respectively.

There was also a drop in return on capital from 14.1% to 9.1%.

In a statement, Lloyd's said: "The results demonstrate Lloyd's continuing financial strength and sound market-wide performance despite a turbulent macro-economic backdrop and some of the most challenging market conditions the industry has seen for many years."

Gross written premiums were up to £26.7bn from £25.3bn and combined operation ratio also saw an increase from 88.4% to 90%.

Lloyd's chairman John Nelson said: "Each year brings a unique set of challenges, requiring determination, innovative thinking and solutions."

"This year has been no different. In a market undeniably tougher than seen for many years, we have had to demonstrate our ability to adapt and take action.

"In these conditions, these results are creditable and a tribute to the continued skill and professionalism of the Lloyd's market underwriting community."

 

More on Regulation

Most firms unable to meet bereavement claims performance levels: FCA

Most firms unable to meet bereavement claims performance levels: FCA

Call for improved bereavement handling times

Cameron Roberts
clock 22 November 2024 • 3 min read
Record-high receipts for IPT and employer NICs

Record-high receipts for IPT and employer NICs

HMRC data

Cameron Roberts
clock 21 November 2024 • 2 min read
Chancellor targets FOS modernisation and FCA consultation

Chancellor targets FOS modernisation and FCA consultation

Consultation part of the advice guidance boundary review

Isabel Baxter
clock 15 November 2024 • 3 min read

Highlights

COVER Survey: Advisers damning of protection insurer service levels

COVER Survey: Advisers damning of protection insurer service levels

"It takes longer than ever to get underwriting terms"

John Brazier
clock 12 October 2023 • 5 min read
Online reviews trump price for young people selecting life and health cover

Online reviews trump price for young people selecting life and health cover

According to latest ReMark report

John Brazier
clock 11 October 2023 • 2 min read
ABI members with staff neurodiversity policy nearly doubles

ABI members with staff neurodiversity policy nearly doubles

Women within executive teams have grown to 32%

Jaskeet Briah
clock 10 October 2023 • 3 min read