Lloyd's enjoys £1.38bn surplus in first half
Lloyd’s has announced an interim profit of £1.38 billion for the six month period ended 30 June 2005. This represents a 21% increase on the corresponding period in 2004. The severe hurricane season will have a significant impact on the full year result. Despite that, and in the absence of any further major catastrophes or unforeseen events, the market still expects to make a profit in 2005.
Highlights· Profit of £1.377 billion, before tax, for the first half of 2005 on a pro-forma basis (June 2004: £1.142 billion)
· Combined Ratio of 87.3% (June 2004: 85.0%) compares
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