LONDON, March 26 (Reuters) - The Lloyd’s of London insurance market saw a 14 percent lift to its profits during 2013, a relatively quiet year for natural catastrophes that kept a cap on big insurance claims.
The market’s combined ratio, a measure of profitability showing how much insurance premium income is paid out in claims and expenses, stood at 86.8 percent, Lloyd’s said in an earnings statement on Wednesday.
Profit stood at 3.2 billion in 2013, up from 2.8 billion in 2012 following a ‘benign’ year for insured catastrophes, Lloyd’s said.
Lloyd’s financial performance represents the combined results of more than 80 competing insurance and reinsurance syndicates that operate under its banner, writing business in its modernist building in the City of London.
The results are the first since the market appointed Inga Beale a 30 year industry veteran who was previously head of insurer Canopius, to be its new chief executive. (Reporting by Chris Vellacott)