Lloyd’s losses hit £697m
Lloyd’s has revealed a loss of £697m for the first six months of 2011 compared to a profit of £628m in the same period of 2010.
The specialist insurance market said the loss followed the costliest six months on record for insurance companies in terms of major catastrophes. It added the year as a whole was already likely to be the second most expensive ever for insurers.
Lloyd's also revealed a combined operating ratio of 113.3% for the half year (H1 2010: 98.7%) and highlighted that its investments had led to a return of £548m (H1 2010: £597m).
It added that record central assets of £2.47bn meant the market was well
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