Chairman Levene warns that underwriting discipline must continue

Lloyd’s has announced a £3.8bn profit for 2007, with a combined ratio of 84%.

The market also announced a 34% increase in central assets to £1,951m and a 21% increase in investment return, to £2,007m. £856m of surplus reserves were released.

Lloyd’s chairman Lord Levene said: “2007 was another profitable year for Lloyd’s, with the market reporting a £3.8bn profit and continuing to outperform its major international peers. Lloyd’s benefited from a limited exposure to catastrophes but this has resulted in increased pressure on rates across all lines of business. The need to exercise underwriting discipline and maintain a focus on underwriting for profit rather than market share remains essential.”

Lloyd’s chief executive Richard Ward said: “Last year’s softening market conditions reinforced, once again, the need for a clear strategy to enable the market to maintain discipline and strength in the face of increasing competition. As a marketplace we have a responsibility to our policyholders and to ourselves to ensure that we maintain our financial strength and security throughout the course of a cycle.”

The 2025 Insurance Times Awards took place on the evening of Wednesday 3rd December in the iconic Great Room of London’s Grosvenor House.

Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
Many congratulations to all the worthy winners and as always, huge thanks to our sponsors for their support and our judges for their expertise.