Lloyd’s says the prospect of a British exit from the European Union has added to an already tough business landscape, after earnings fell 30% last year.

Pre-tax profit slumped to £2.1 billion ($3.9 billion) last year from £3 billion ($5.6 billion) in 2014, while the market’s underwriting result fell to £2 billion ($3.7 billion) from £2.3 billion ($4.3 billion).

Gross written premium increased to £26.7 billion ($50 billion) from £25.3 billion ($47.4 billion), and the combined operating ratio weakened to 90% from 88.4%.

Pressure on premium rates and low interest rates globally affected last year’s result.

“It is already clear the conditions we faced [last year] are continuing into [this year],” Chairman John Nelson said. “Uncertainty over the UK’s membership of the European Union adds an unsettling ingredient to the mix.

“We believe strongly that continued membership would be the better outcome for Lloyd’s and the businesses in our market, but we are preparing contingency plans [for] an exit.”

Major claims increased to £724 million ($1.4 billion) from £670 million ($1.3 billion), including several large man-made losses such as the Tianjin port explosions in China and the Germanwings airline disaster in the French Alps.

Otherwise, it was a relatively benign period for natural catastrophes, despite December floods in the UK.

Lloyd’s will continue its global expansion under the Vision 2025 plan. It has opened offices in Beijing and Dubai – with 32 syndicates on the China platform and 10 in the Gulf city – and has set up new representative offices in Mexico and Colombia.

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