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.

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