Lloyd's profits drop by over 50%
After the "costliest" half year since it began interim reporting, Lloyd’s has reported that its profit before tax has more than halved to £628m (June 2009 £1.32bn) while the combined ratio has risen to 98.7% (June 2009 91.6%).
In a statement Lloyd's said the result reflected a period of significant claims and extremely challenging investment conditions. It added that the positive investment return of £597m was due to a conservative investment mix during a period of continuing volatility in financial markets, and central assets are at a record high.
Lloyd's chairman, Lord Levene, said: "The first six months of 2010 were the costliest on record since we began interim reporting, testing not only Lloyd's but insurers
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