Lloyd's has posted an £834m profit for 2002 on an annually accounted basis, although on a three-year basis, it posted a £3.1bn loss in 2001, largely due to claims from the 11 September attacks.
Lloyd's combined ratio for 2002 was 98.6%, which was better than European reinsurers' average ratio of 105.1%, and better than US reinsurers' average of 108.3%.
Lloyd's chief executive Nick Prettejohn said: "These results demonstrate a very strong performance. It was the market's resilience and disciplined approach, at a time when the industry as a whole has faced many difficulties, that generated 2002's healthy result."
Lloyd's central assets increased by 55% to £563m, up from £363m in 2001.
Prettejohn added: "The state of the capital markets and the continuing actions by many insurers to increase their reserves for past underwriting means that the Lloyd's market should enjoy positive trading conditions in the medium term.
"We are determined that the implementation of our new Franchise arrangements will reinforce these external factors by raising underwriting standards and improving efficiency. These should enable Lloyd's to sustain today's positive performance into the future."
