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

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

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%.