Connect with us

Hi, what are you looking for?

Loan And Finance

Lloyd’s announces financial results – and a six-year high

0270 637837082020766618


In a Press release, the material turnaround in performance was credited to the Lloyd’s market’s focus on underwriting profitability, and its leveraging of favorable trading conditions to achieve premium growth. Premium rates rose by 10.9%, continuing the trend of 16 consecutive quarters of positive rate movement.

     

Lloyd’s highlighted that, in 2021, it continued to provide substantial support to its customers around the world, paying £19.9 billion of gross claims in the year and £2.9 billion to customers impacted by COVID-19 (representing 86% of claims notified to date).

 

The 16.9% improvement in its combined ratio against a year of heightened natural catastrophe activity, was emphasized by Lloyd’s as testament to its continued focus on achieving sustainable, profitable performance. This focus was credited with resulting in a further 3.0% reduction in attritional loss ratio to 48.9% (2020: 51.9%).

Lloyd’s noted that its capital and solvency position is very strong and continues to build while its focus on sustainable performance and investment in digitalization through its Blueprint Two program is designed to continue to drive down expenses.

 

In the release, Lloyd’s touched on the ongoing conflict in Ukraine and noted this will be a major claim to the market in 2022. The marketplace is in close dialogue with market partners to understand exposures, it said. Business underwritten by the Lloyd’s market in Ukraine, Russia and Belarus currently represents less than 1% of its global footprint, and direct and indirect claims are expected to fall within manageable tolerances and will not create solvency challenges.

Lloyd’s continues to work in lockstep with governments and regulators around the world to support and implement a complex series of sanctions on the Russian State.

In his comments on the full-year results, Lloyd’s CEO John Neal said that the organization’s thoughts are first and foremost with the people of Ukraine. In a world impacted by increasingly complex and connected risks, he said, the Lloyd’s market is standing by its customers and supporting their recovery when things go wrong.

“Against this backdrop, I’m pleased to see the market return to profitability following the decisive action taken in recent years to improve performance,” he said. “The market’s underwriting discipline will enable sustainable profitability in the years to come, coupled with a balance sheet that can support our ambition to grow profitably.”

.



Source link

Advertisement. Scroll to continue reading.
Click to comment

Leave a Reply

Latest

Online Business Success

A general view of electricity pylons in Mumbai, India, October 13, 2021. — Reuters NEW DELHI: India is facing its worst power crisis in...

Loan And Finance

Business & FinanceGovernmentPolitics 07 May 2022, 2:03 am. 1 minute Reuters exclusively reported that US and Chinese regulatory officials are in talks to settle...

Loan And Finance

Julia Hummel has been named Vice President, Digital Strategy & Business Development, at Warner Music Canada. Hummel will help the label’s artists leverage opportunities...

Online Business Success

By Andrew Schrage, CEO of Money Crashers, helping consumers and small businesses build strong foundations on the path to financial and personal success. getty...

Top Stories

As the fall of Terra (LUNA) and TerraUSD (UST) may have a noticeable short-term impact on the decision-making of both retail and institutional investors,...

Loan And Finance

Business & FinanceDealsEnergy 09 May 2022, 4:49 am. 1 minute Reuters exclusively revealed Germany’s VNG will transfer euro payments for Russian gas to Gazprombank...

Advertisement

You May Also Like

Uncategorized

Introductions get a lot of attention. I’ve explored the topic of how to write them even though as a reader, I always skip them....

SEO Guide

There are all kinds of pictures of the world on the internet, but to find one of these specific pictures that you want to...

Online Business Success

The internet is now our nervous system. We are constantly streaming and buying and watching and liking, our brains locked into the global information...

Online Business Success

You can think of link building in many ways. I like to call it tedious, painful, and a test of patience. It’s also necessary...

Advertisement