Lloyd’s earned a pre-tax profit of £1.22 billion ($2.08 billion) for the half-year to June 30, down from £1.46 billion ($2.49 billion) in the corresponding period last year amid challenging marketing conditions.

Gross written premium increased 16% to £18.88 billion ($32.34 billion) and the combined ratio improved to 96.9% from 98%.

The results exclude the impact of Hurricanes Harvey and Irma, although Lloyd’s has already paid out “significant amounts” in Texas and Florida, CEO Inga Beale says.

“While pricing remains under pressure, volumes have seen continued growth, driven in part by the development of new products in critical areas such as cyber,” Ms Beale said.

“Lloyd’s has continued its relentless focus on maintaining strong underwriting discipline and profitable lines of business, whilst addressing underperforming lines of business.”

Lloyd’s will press on with its agenda to set the business up for the future including modernising the market, expanding its US presence and preparing for life post-Brexit.

“There remains considerable global economic and political uncertainty, which will continue to influence risk management and risk protection behaviour,” Ms Beale said.

“Lloyd’s continues to grow in our other established markets, driven by coverholder and specialty insurance growth.”

“Modernisation efforts across the market continue to gain momentum.”