Lloyd's reported today that for the six-month period ending June 30 it had an interim profit before tax of $3.6 billion (?1.8 billion) and that its combined ratio of 82.9 continues to outperform its major international peer groups.
Results, said Lloyd's, were driven by the favorable market environment in 2006 together with the release of prior-year claims reserves. This was balanced by the weaker, but still profitable, underwriting conditions experienced in the first half of the year.
"The market has recorded an excellent set of results," Lloyd's Chairman Peter Levene said in a statement. "Today's numbers are further proof of the progress that has been made by the market in recent years. Lloyd's continues to outperform its major international peer groups and is in robust shape to meet the challenges ahead."
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