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Lloyd’s annual profits decline 43%

IBR Staff Writer Published 31 March 2011

Lloyd's, a global insurance market, has reported a profit of £2.2bn for 2010, compared to £3.9bn for the year 2009.

Lloyd's chairman of Lord Levene said that in 2010, Lloyd's made a profit of €2.6bn despite facing significant claims from the tragic earthquakes in Chile and New Zealand, the floods in Australia and the loss of the Deepwater Horizon oil rig in the Gulf of Mexico.

"The catastrophes of 2010 and 2011 have shown the crucial role insurance plays in helping communities rebuild after a crisis.

"We must also keep in mind that insurance is part of a wider financial services industry that is essential to Britain's economic recovery. We look to the government to protect the competitiveness of our industry and its contribution to both society and the economy," Levene said.

Lloyd's chief executive Richard Ward said that this is a solid result in a year with a slightly higher than average number of natural catastrophes. And 2011 has already been an extraordinary year of tragic natural disasters.

"We extend our deepest sympathies to those affected and we are working hard to make sure claims are dealt with swiftly so communities in Japan, New Zealand and Australia can rebuild and recover.

"Another challenge in 2011 is Solvency II and I am confident we are making good progress. However, I am increasingly concerned by the cost and complexity of this exercise.

"We must make sure this one piece of regulation doesn't do lasting damage to our international competitiveness - either for Lloyd's or the industry more widely," Ward said.