Lloyd's today announced a 2007 profit of ?3.8 billion ($7.52 billion), up from ?3.66 billion ($7.24 billion) in 2006, despite softening market conditions.
Luke Savage, director, finance, risk management and operations in London, told National Underwriter that the favorable results were a combination of limited catastrophes, strong underwriting, high reserves in 2004, 2005 and 2006, and solid investment income.
He said that market participants so far this year are maintaining discipline in underwriting new business despite falling prices and looming difficulties.
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