Global insurance market Lloyd's has posted a profit of $2.1bn for the six-month period ended on 30 June 2013, compared to $2.4bn recorded during the corresponding period last fiscal.
Gross written premium increased by 4.9% to $23.9bn from last year, while the combined ratio is 86.9% in 2013 against 88.7% in 2012.
Investment return dipped to 0.5% at $380m, against 1.2% at $978m last year.
Commenting on the financial results, Lloyd’s chairman John Nelson said, "This is a good result for the Lloyd’s market, although the volatility of the insurance business means that we must remain cautious about how the full year result will turn out."
"In spite of the difficult economic conditions, it is pleasing to see the Lloyd’s market grew by almost five per cent in the first half of the year," Nelson added.
Lloyd’s CEO Richard Ward said, "This is a solid result for the market in a difficult economic environment, and demonstrates the market’s disciplined approach to underwriting."
Lloyd’s total net claims stood at $7.47bn.
Lloyd’s occupies fifth place in terms of global reinsurance premium income, and is the largest surplus lines insurer in the US. In 2013, 89 syndicates are underwriting insurance at Lloyd’s, covering all classes of business from over 200 nations and regions.