Lloyd's H1 profit surges to record £1.4bn

Photo: EPA

UK insurance giant Lloyd's spiked to a first-half gross profit of 1.4 billion pounds on the back of rising premium rates. Lloyd's posted a 400 million pounds loss for the same period a year ago, Reuters elaborated.

Insurers suffered in 2020 due to soaring Covid-19 claims such as event cancellation and trade credit cover. But after writing exclusions into contracts for the pandemic and raising premiums, they have performed strongly this year. Lloyd's premium rates rose 9.9%, the company said in a statement.

Lloyd's has also made a push in recent years to exit loss-making insurance lines. It launched its first sustainability strategy last year and is trying to put more of its business online and improve its record on diversity. "Lloyd’s has successfully repositioned the market for sustainable, profitable growth," CEO John Neal said. "We are making great strides on all our strategic priorities which focus on improving the culture in the market, the Future at Lloyd’s digital transformation, and sustainability, climate and inclusion." It said 80% of Covid-19 claims notified to date had been paid.

Similar articles

  • Google, Apple face pressure over Russian elections

    Google, Apple face pressure over Russian elections

    The US tech giants Google and Apple faced intense pressure over their actions which favored the ruling Russian party in the course of country’s parliamentary elections. Google and Apple removed an anti-government tactical voting app from their stores on the first day of the parliamentary election, Reuters elaborated.

  • Skoda to halt Czech plants for a week due to chip shortage

    Skoda to halt Czech plants for a week due to chip shortage

    Czech carmaker Skoda Auto, part of the Volkswagen group, will halt production at two domestic plants for a week at the end of September due to chip shortages, the company said. This is yet the latest development of the global and unprecedented shortage in semiconductor microchips. Skoda has thousands of cars unfinished as it waits for chips.

  • Apple's new iPhone: familiar design, faster chip

    Apple's new iPhone: familiar design, faster chip

    Apple is giving its iPhones a faster processor, with four new phones from Mini to Pro Max all set to head into the key Christman sales season with smoother performance in a very familiar design. The four iPhone 13 models, unveiled on Tuesday, maintain the sharp edges of their predecessors, while adding a number of incrementally better hardware improvements, news wires reported.