Lloyd's profits slashed
Lloyd’s has announced a huge drop in pre-tax profits in its 2008 interim results.
For the period ending 30 June 2008, Lloyd’s reported pre-tax profit of £949m, down from £1,807m for the same period last year.
However, the market did announce a healthy combined ratio of 89%. Investments returned £346m. A statement issued by Lloyd’s said the results reflected a softening in market conditions and a rise in attritional claims.
Lloyd’s chairman Lord Levene claimed this was a strong performance in “extremely challenging circumstances”.
“The result reported for the first half comes
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