Lloyd's is on track to meet the high-level goals set out in its three-year strategic plan, according to chief executive Richard Ward.
In a half-year update report on the progress being made on key initiatives set out in the plan, Ward said: "Overall,
I am pleased with our progress to date, and realistic about the not-inconsiderable challenges we face. There is a great deal still to do but this is a good start."
Five core areas identified in the plan include a performance framework, capital advantages, security and ratings, market access and effective business process.
Ward said a framework was now in place for underwriting, claims and risk management standards, which would be effective from 1 January 2007.
He added that Lloyd's was on course to establish an onshore reinsurance presence in China by November, with trading expected in early 2007.
But, Ward said that following a review of Lloyd's US trading status, the Franchise Board had decided for the time being not to pursue US admitted status beyond the existing presence.
