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Lloyd’s H1 interim profit before tax narrows

British insurer Lloyd's has reported an interim profit before tax of GBP949 million for the six-month period ended June 30, 2008, compared to GBP1.81 billion reported for the same period of 2007.

The company has reported gross premiums of GBP9.97 billion written from continuing operations for the first six months of 2008, compared to GBP9.86 billion reported for the same period of 2007. The company has reported central assets of GBP1.94 million.

Lloyd’s has attributed the result to a softening in financial market conditions and a rise in attritional claims. According to the company, a conservative investment mix has resulted in a positive return of approximately 1%, but showed the impact of the volatility in the capital markets, with both equity and bond holding adversely affected.

Society of Lloyd’s group reported total income of GBP204 million in the first six months ended June 30, 2008, compared to GBP288.03 million reported for the same period of the previous year.

Lord Levene, chairman of Lloyd’s, said: We have reported a strong performance in extremely challenging circumstances. The result reported for the first half comes as no surprise with profits heavily influenced by falling investment income and increased cost of claims, while the second half will remain subject to the incidences of natural catastrophes.