Lloyd’s Posts $4.5 Billion Profit for 2012

March 28, 2013

Lloyd’s reported an overall profit of $4.517 billion for 2012, making the $800 million loss in 2011, the costliest year on record for natural catastrophes, a fading memory.

Controlled growth in 2012 saw gross written premium income reach a record high of $40.5 billion, partly as a result of average rate rises of three percent, the earnings announcement said.

Total net incurred claims were $16.1 billion, down from $20.6 billion in 2011.

The claims included $2.2 billion from Superstorm Sandy, which struck the Caribbean and North America in October 2012, becoming one of the largest claims in Lloyd’s 325 year history. Lloyd’s central assets were also at record levels of $4.1 billion.

CEO Richard Ward said the firm posted “a strong result, despite incurring $16 billion of total net claims in 2012.”

Other financial highlights included the following:

Source: Lloyd’s of London