Snapshot: Listed Lloyd’s firms’ full-year results

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Insurance Times takes the temperature of the biggest players in Lloyd’s at the full-year stage

Comparison of listed Lloyd’s insurers’ nine-month results (scroll across to see full table)

Full year	GWP (£m)			pre-tax result (£m)			COR %			Net catastrophe loss	2010 shareholders’ equity (SHE)	Catastrophe loss as % of 2010 SHE
	2011	2010	% change	2011	2010	% change	2011	2010	point change
Amlin	2,304.1	2,172.5	6.1	-193.8	259.2	nm	108	89	19	500.8	1,729.9	28.9
Beazley	1,108.0	1,126.8	-1.7	40.6	162.3	-75.0	99	88	11	139.1	693.0	20.1
Catlin	2,920.0	2,632.7	10.9	45.9	262.7	-82.5	102.6	89.8	12.8	438.7	2,206.7	19.9
Hardy	268.4	279.4	-3.9	-42.1	10	nm	120.9	94.7	26.2	73	153.3	47.6
Hiscox	1,449.2	1,432.7	1.2	17.3	211.4	-91.8	99.5	89.3	10.2	270	1,266.1	21.3
Novae	624	587.7	6.2	-6	36.2	nm	101.5	91.4	10.1	70.2	293.6	23.9
Omega	197.1	230.4	-14.5	-61.3	-27.8	nm	134.3	114.4	19.9	55.4	269.8	20.5

Analysis

Amlin suffered the largest catastrophe loss in monetary terms, with a claims bill topping £500m. However, Hardy suffered the biggest catastrophe loss relative to its capital base at 47.6%.
Omega had the highest combined ratio at 134.3%. This is because at the same time as making losses, Omega cut its premiums by 14.5% as it sought to restore profitability.
Of the seven listed Lloyd’s insurers studied, only three – Beazley, Catlin and Hiscox – reported a profit. However because of the natural catastrophes, all three profit numbers were slashed. Hiscox saw the biggest profitability drop at 91.8%.
Even fewer Lloyd’s insurers turned an underwriting profit. Only two companies – Beazley and Hiscox – reported combined ratios below 100%, and even then only just.
Despite the tough year, four of the seven grew gross written premiums. Catlin reported the highest growth at 10.9%.

nm = not meaningful

Conversion (31 Dec 2011): $1=£0.64701

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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.