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Lloyd recovers after drawing "turnaround"



Lloyd & # 39; s London reported a profit of £ 1.4 billion ($ 1.93 billion) for the first half of this year, compared to a loss of £ 400 million last year, after the insurance company returned to a profit , helped average premium increases by 9.9%.

Lloyd & # 39 ;s said the results mark a "turnaround" for the market after reducing about 6% of underperforming businesses to improve profitability.

The market's total share closed for the first half of the year with 92.2%, from 110.4% during the first half of 2020.

Lloyds growth for the first time in four years at 4%, in addition to premium increases for the 15th quarter in line in the second quarter, helped increase gross writing by £ 500m, or 2%, to £ 20.5bn for the first half. Excluding the effects of foreign currency and growth from new syndicates, premiums increased by 8% during the first half of the year.

CEO John Neal said Lloyd settled £ 9.4 billion in receivables in the first half of the year and paid 80% of COVID-1

9 receivables reported.

“Market performance has improved as a result of our ongoing clean-up efforts. This … adapts Lloyd's performance to our global peer group, says Neal.

He added that Lloyd's performance management focus will be "raised" on cyber and finance line classes next year.

Accidents were the only business class to remain in the red during the first half of the year, reporting insurance losses of £ 44 million. But that was a decrease from a loss of 386 million pounds in the first half of last year.

The property accounted for the bulk of last year's first half year's insurance loss of £ 1 billion, but led other classes with a profit of £ 281 million in the first six months of 2021.

Reinsurance reversed an insurance loss of £ 256 million for the first half year 2020 to add £ 199 million to Lloyd's profit in the first half of the year.

Commercial Risk Europe is a sister publication of Business Insurance. More stories from CRE here.


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