Lloyd’s Returns to Profit in 1st Half After 2 Full Years of Losses

Lloyd’s of London, the world’s biggest insurance market, returned to profit in the first half after two full-year losses.

The more than 300-year-old corporation made a profit before tax of 2.3 billion pounds ($2.8 billion) in the first six months of 2019, the company said in a statement on Wednesday.

“We recognize the importance of continued focus on performance management to maintain this momentum throughout the balance of 2019 and in future years,” Chief Executive Officer John Neal said in the statement.

Gross written premiums — the revenue that Lloyd’s generates from writing insurance — climbed to 19.7 billion pounds from 19.3 billion pounds a year earlier.

The insurer will publish the results of an independent survey on the market’s culture on Sept. 24. The move is a key part of the corporation’s response to allegations of sexual harassment after a Bloomberg report revealed a culture of harassment ranging from inappropriate comments to sexual assault.

Photograph: Pedestrians pass the Lloyds of London Ltd. building in London on Wednesday, Jan. 4, 2017. Source: Bloomberg.

Topics Profit Loss Excess Surplus London Lloyd's