Lloyd’s has announced a profit of £2.77bn for 2012, marking a return to profit following last year’s loss of £516m, which was the costliest year on record for natural catastrophes.
Speaking about the results, Lloyd’s CEO, Richard Ward said: “The Lloyd’s market has posted a strong result. This is despite experiencing one of the costliest natural catastrophes in history, Superstorm Sandy, and incurring net claims of £10bn.
“While the economic environment remains challenging, the Lloyd’s market is capitalised at record levels and our overall financial strength is recognised in our A+ ratings.”
Gross written premium reached a record high of £25.5bn, while total net incurred claims were £10.1bn, down from £12.9 billion in 2011.
Claims included $2.2bn (£1.35bn) from Superstorm Sandy which struck the Caribbean and North America in October 2012, becoming one of the largest claims in Lloyd’s 325 year history.
Chairman of Lloyd’s John Nelson said: “In 2012 we launched Vision 2025 - the market’s vision for profitable, sustainable growth, focusing on the opportunities that lie in the high growth economies around the world.
"These results, combined with our capital strength, are a good platform from which to work towards our vision of maintaining our position as the global centre for specialist insurance and reinsurance in 2025.”
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