Private Capital News
Lloyd’s has today released results for the market for the year ended 31 December 2016. Overall, at £2.1 billion, Lloyd’s profit is down by 1% from the result for 2015. The higher cost of catastrophic losses and the weaker rating environment resulted in a lower contribution from underwriting, but this has been compensated for by higher investment income. The market, which reports in sterling despite 65% of premium income being in US dollars, has benefitted from a one-off foreign exchange gain as the pound fell against the dollar during 2016.
Results at a glance:
Catlin Underwriting Agencies Limited has advised us of a change to the final result for Syndicate 6111 following the change in the discount rate used to settle lump sum compensation for bodily injury claims in the UK. The declared result for the 2014 account is reduced to a profit of 7.77% of capacity, from a previously advised profit of 8.13% of capacity. The forecast as at 30 September 2016 was for a profit in the range 10.15% to 15.15% of capacity so the result is 4.88 points worse than the midpoint of that range.