Lloyd's swings back to profit

City A.M. Reporter
Insurer Lloyd's of London today posted profits of £1.53bn for the six months to 30 June, after a quiet six months that saw no major natural disasters.

The results mark a return to profit from the second most expensive year on record for the insurance industry last year, when Lloyd's lost £697m after paying out billions worth of claims related to earthquakes in Japan and New Zealand.

The insurer absorbed net claims of £4.6bn over the six months, a fall of 32 per cent year on year.

Lloyd's chief executive Richard Ward said this morning: "This is a welcome return to profit for the market, after a six-month period that could not be in greater contrast to the first half of 2011."