Lloyd’s of London has returned to profit, posting a pre-tax profit of £600 million.
Last year, the insurance market posted a loss of £2 billion following losses from a series of natural disasters.
Bruce Carnegie-Brown, the Lloyd’s chairman, said at the time: “To date, the market has paid more than 50 percent by value of the claims notified in relation to Harvey, Irma and Maria, and is in the process of paying the rest.”
The series of catastrophes such as hurricanes and wildfires seen in 2017 led the group cutting costs and improve its underwriting performance. Last year was Lloyd’s first loss in six years.
Chief executive Inga Beale said: “These results and return to profit demonstrate the strength of the Lloyd’s market following one of the costliest years for natural catastrophes in the past decade.”
“Whilst these results are welcome, Lloyd’s continues to concentrate on improving the Lloyd’s market’s long-term performance by taking action to address underperforming areas of the market.”
Beale also commented on the group’s Brexit plans, with hopes to continue operating in the UK after it leaves the EU.
“We have also worked tirelessly to secure the Lloyd’s market’s access to the EU27 and our Lloyd’s Brussels subsidiary will start writing business in the European Economic Area from 1 January 2019,” she said.
Beale will be replaced by QBE Insurance Group (ASX: QBE) boss John Neal, who is set to start on October 15.
