Lloyd's says its 2010 before-tax profits dropped nearly 42 percent to £2.19 billion ($3.44 billion at current exchange rate) compared to £3.87 billion ($5.9 billion) in 2009.
Richard Ward, Lloyd's CEO, says the results are solid “in a year with a slightly higher than average number of natural catastrophes. And 2011 has already been an extraordinary year of tragic natural disasters.”
Luke Savage, director of finance, risk management and operations at Lloyd's, tells NU that while the profit is down, “the balance sheet is as strong as it's ever been—it's a record high of £19 billion ($30.5 billion) of net resources.”
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