Giant strides forward
Not only has Lloyd's well and truly banished its problems of the past, it has also outgrown all of its major rivals, and 2004 looks like being another excellent year. Ewan Campbell reports that Lloyd's is making a big impression, which is great news for its investors
Last April, Lloyd's announced a pre-tax profit of £1.89bn for the year 2003, an increase of 127% on 2002's £834m. And the Central Fund was fortified by a 49% increase to £711m. This result surpassed the performance of many of Lloyd's competitors, as chief executive Nick Prettejohn was keen to point out.
Lloyd's combined ratio dropped to 90.7%, compared with 100.7% for US property and casualty insurers, 101.2% for US reinsurers, and 101.4% for European insurers and reinsurers. Lloyd's has clearly
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