Lloyd's 2015 bottom line hit by low interest rates, pricing
Lloyd's, the world largest subscription market, reported 2015 net profits down 30% to 2.1bn pounds (US$2.96bn) due to lower investment returns and persistent soft insurance pricing.
Last year was "a sort of perfect storm" in terms of market conditions, Lloyd's chairman John Nelson told BNamericas.
The underwriting result dropped to 2.0bn pounds from 2.3bn pounds the year before while the return on investments plummeted to 0.4bn pounds from 1.0bn pounds in 2014.
Challenging market conditions in terms of pricing and low interest rates are expected to continue this year, said Nelson.
Lloyd's return on capital decreased to 9.1% in 2015 from 14.1% the year before.
With a 9.1% return and a combined ratio of 90%, Lloyd's was still "ahead of our competitors," according to Nelson.
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