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Lloyd’s 2013 profit increased by 16% to £3.2bn

Global specialist insurance and reinsurance market, Lloyd’s, has reported a profit of £3.2bn for the year 2013, with an increase of 16% from £2.8bn during the corresponding period last fiscal.

Gross written premium income grew by 2% to £26.1bn, with a combined ratio of 86.8% and a pre-tax return on capital of 16.2%.

Lloyd’s investment income stood at £839m ($1.39bn), with a decrease of 36% compared to £1.31bn during the same period earlier year.

Lloyd’s CEO Inga Beale said, "Disciplined underwriting and a benign year for major catastrophes have enabled us to outperform our peers and post this outstanding profit of £3.2 billion."

"From this base, the Lloyd’s market has a great opportunity to expand in the underinsured, high growth economies around the world.

"We have started to build the foundations for this growth, as set out in our long term strategy ‘Vision 2025’, through close engagement with the market."

Lloyd’s said that its capital position during the financial year further strengthened with net resources of £21.1bn ($34.87bn).