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Lloyd's of London profit stable in 2014

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Lloyd's of London profit stable in 2014

Lloyd's of London posted a pretax profit of £3.2 billion ($4.99 billion) for 2014, the same amount as for 2013, the market announced Thursday.

Lloyd's reported a combined ratio of 88.1% for 2014, compared with 86.8% for 2013.

Gross written premiums for 2014 were £25.3 billion ($39.42 billion), Lloyd's said, down from £25.6 billion ($42.39 billion) in 2013.

The market posted an investment return of 2.0% for 2014, up from 1.6% in 2013, it said.

Lloyd's said the stable profit had been helped by a benign year for large natural catastrophe losses and an improved investment return.

This, it said, was set against a backdrop of falling rates for many classes of insurance and reinsurance business as well as low interest rates.

“This is a strong set of results for Lloyd's, despite challenging market conditions. The robust performance of the market in 2014 reflects a collective achievement, of which we should be proud,” Lloyd's CEO Inga Beale said in a statement.

“In the face of global challenges, an abundance of capital and the low-interest-rate environment, Lloyd's is being proactive in seizing the opportunities out there for growth and diversification,” she said. “We will continue to engage with our global network of syndicates and brokers, to ensure Lloyd's remains at the forefront of innovation in the industry.”

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