Lloyd’s of London announced profits of $1.87billion for the first six months of 2015 on Sept. 10. According tothe combined ratio, which reflects the results of the market’s 96syndicates, Lloyd’s outperformed its competitors for the fourthconsecutive year.

“Over the past six months Lloyd's has continued to outperformits competitor group. Although there is little doubt thatchallenging times lie ahead, Lloyd’s is in a robust financialposition, well capitalized and well reserved to face the future,”said Chairman John Nelson. “With an expanding internationalfootprint across Asia, Latin America and the Middle East, Lloyd’sinfluence and relevance as a global force for effective riskmanagement has never been stronger.”

Related: Q&A: Lloyd's chairman John Nelson and U.S.chief Hank Watkins

Lloyd’s achieved its profit amid difficult trading conditions,the company said in a prepared statement, which saw a reduction ofinvestment returns and increased competition on insurance premiumsworldwide, resulting from low interest rates.

“These results demonstrate Lloyd’s success and resiliencedespite challenging underwriting and investment conditions. Thissizable profit is in large part due to the market’s expertunderwriting and our deep commitment to rigorous oversight,” saidInga Beale, Lloyd’s chief executive officer. “Our modernizationstrategy and our innovative approach ensures that Lloyd’s continuesto play a vibrant role as the world’s leading specialist insuranceand reinsurance market.”

The following chart from Lloyd’s shows the results from thefirst half of 2015 compared to the same period in 2014.

¹ Profit before tax

² Actual in first six months. FY 2014:2.0%

³ RoC calculated on an annualized basis