Lloyd’s has reported an H1 pre-tax profit of £2.3bn, with a combined ratio of 98.8%, for the first half of 2019. This compares with a pre-tax profit of £0.6bn and a combined ratio of 95.5% for the same period last year. Gross written premiums for the first half were £19.7bn, up 1.8% on the same period in 2018.
GWP in marine was £1.196bn, with net earned premium of £1.023bn. Net incurred claims were £723m, and net operating expenses were £399m, leading to a net underwriting result loss of £99m.
This compared with GWP of £1.418bn in marine for H1 2018, NEP of £1.078bn, net incurred claims of £678m, net operating expenses of £445m, and a net underwriting result of minus £55m.
In several major lines of business, but most significantly in marine, premium volumes contracted, with syndicates seeking to remediate performance within their portfolios, Lloyd’s said.
SOURCE: INSURANCE MARINE NEWS