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Profits at Lloyd’s last year plunged to $2.7 billion–less than half of the $5.66 billion reported for 2007–but its chief executive was counting his blessings, contending that the market’s positive bottom line was “a pretty good result” given the state of the financial markets and overall economy.

Lloyd’s cited strong underwriting discipline and conservative investment strategies as the reasons for remaining in the black during a sharp downturn on both Wall Street and Main Street.

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