Lloyd's today released an interim report showing before-tax profit of ?949 million ($1.88 billion) for the six-month period ended June 30, compared with ?1,807 million for the same period in 2007 ($3.48 billion), saying the results reflect softening in market conditions.

Also impacting the market Lloyd's said were smaller attritional claims, separate from large claims or claims forming part of a catastrophe.

Lloyd's said in a statement that a conservative investment mix has resulted in a positive return of approximately 1 percent, "which showed the impact of the extreme volatility in the capital markets, with both equity and bond holding adversely affected."

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