Argenta Comment

Lloyd’s reported its annual result for the year ended 31 December 2012 on Wednesday 27 March 2013. The strong result, with a profit approaching £3 billion, attracted rather fewer column inches than did last year’s loss of £516m. The profit is the fourth best in Lloyd’s history, all of which have been recorded in the last ten years.

Approximately half the overall result (£1,351m part of £2,771m) relates to a release from reserves held for years prior to 2012. Lloyd’s has carried out a review of these reserves and believes that, despite the scale of releases, reserving levels remain robust and on some measures they are stronger now than 12 months ago.

Our special bulletin on Lloyd's Global Results is available here.