Lloyd’s, the world’s specialist insurance and reinsurance market, on Thursday announced a pre-tax profit of USD 4.9 billion (£3.2billion), with a return on capital of 14.7%.
The profit was driven by a relatively benign year for major natural catastrophes, favourable prior year development, and an improved investment return.
The company outperformed their competitor group with a combined ratio of 88.1%, as compared to their average of 93.1%.
Lloyd’s CEO, Inga Beale, said, “This is a strong set of results for Lloyd’s, despite challenging market conditions. The robust performance of the market in 2014 reflects a collective achievement, of which we should be proud.”