Lloyd’s underwriters made a surplus of $323.09 million in calendar 2011, according to the latest general insurance figures from the Australian Prudential Regulation Authority.

The result compares with a $392 million surplus reported in 2010.

The surplus was made on premium income of $897.59 million and after total expenses of $574.5 million.

Lloyd’s paid claims of $52.31 million last year, but held $293.64 million in reserve for existing claims.

Its expenses included $154.67 million in commission, fire service levies and stamp duties.