The Lloyd's of London insurance market posted a 21 percent rise in first-half pretax earnings and said it still expected to make a profit for the year despite heavy hurricane claims.
Pretax profit was 1.38 billion pounds ($2.43 billion) in the six months to June 30, Lloyd's said on Thursday. High insurance prices, low claims and strong investment results contributed to strong profits in the market, in which 62 insurers, known as syndicates, do business, Lloyd's said.
"While (they) have been overshadowed by the subsequent windstorms, nonetheless, these are a good set of first-half numbers," Finance Director Luke Savage told Reuters in a telephone interview.
Its combined ratio - which measures premiums versus claims and costs - was 87.3 percent. A figure below 100 percent denotes the company made a profit from underwriting. The lower the number the higher the profit.