Lloyd's returns to profit in 2012

INSURANCE syndicate Lloyd’s of London returned to profit in 2012, on account of fewer natural disasters over the year.

Lloyd’s posted a £2.77bn annual profit, up from a loss of £516m in 2011 – the most expensive year on record for natural catastrophes, it said.

Total claims over the year were down to £10.1bn – including a $2.2bn (£1.4bn) claim from Superstorm Sandy, one of the largest claims in Lloyd’s 235-year history – from £12.9bn the year previously.

Lloyd’s chief executive Richard Ward hailed the results as “strong”, despite the huge Sandy claims.