Lloyd’s has announced an annually accounted profit of $3.32 billion for the year – better than a few years ago but still down 28% from the previous year. 

The declined underwriting profit – including net claims of $2.93 billion from US hurricane claims – was the result of “unprecedented losses” from natural catastrophes and the weakness of the US dollar, says Lloyd’s Chairman Lord Levene.

But results are strong when the significant losses from natural catastrophes are considered. “As such, they are testimony to the continually improving quality and strength of the Lloyd’s market.”

Lloyd’s has also made claims of out-performing other markets, but CEO Nick Prettejohn warns the company must remain determined and continue to focus on underwriting performance.

“Lloyd’s performance compared well with our global competitors,” he said. “However, we must remain vigilant if we are to continue to deliver a strong underwriting performance. Market conditions remain profitable but increasingly competitive in a number of lines,” he said.