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Lloyd’s reported today that its 2008 profit plunged to $2.7 billion from $5.66 billion in 2007, but its chief executive said the amount was “a pretty good result,” given the current financial market.

Lloyd’s cited strong underwriting discipline and conservative investment strategies as the reasons for being in the black.

Richard Ward, Lloyd’s chief executive, said in an interview that “to have a profit in the conditions that we had to trade through 2008 is a pretty good result. Investment income was getting trashed throughout 2008 and yet we were able to return a positive number for investment–2.5 percent, ?1 billion ($1.4 billion) investment return.”

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