The run-off company for Lloyd’s claims, Equitas, has announced it has increased its reserves for asbestos claims by £128 million ($317 million) for the financial year to March.

The Equitas retained surplus fell £18 million ($45 million) to £458 million ($1.1 billion) for the year ending March 31.

The company, set up to run off Lloyd’s of London liabilities to 1992, has raised its asbestos reserves for the sixth time in seven years.

Chairman Hugh Stevenson says it is disappointing to report a further increase in reserves, but Equitas cannot escape the fact that its liabilities are still measured in billions of pounds.

“The majority of claims facing us are not expected to be paid for many years and remain subject to considerable volatility.”