Lloyd's continues to grow global presence
Source: Middle East Insurance Review | May 2015
Lloyd’s is making progress in growing its global access and is continuing to work hard to open up markets such as Turkey, Malaysia and Colombia, said Chairman John Nelson in the company’s 2014 results statement.
It has commenced operations in Dubai and China in March and will be opening an office in Mexico this year. In addition, the Indian government has also passed legislation to allow Lloyd’s to operate onshore in the country. “We are making substantial progress against our long-term growth strategy, Vision 2025, with plans to modernise the market and international growth gaining real momentum,” said Mr Nelson.
In 2014, Lloyd’s saw its pre-tax profit remain flat at GBP3.2 billion (US$$4.8 billion), due to a relatively benign year for major natural catastrophes, favourable prior year development, and an improved return on investment. GWP slipped to GBP25.3 billion for 2014 from GBP25.6 billion in 2013.
Lloyd’s CEO Inga Beale said: “This is a strong set of results for Lloyd’s, despite challenging market conditions. The robust performance of the market in 2014 reflects a collective achievement of which we should be proud. In the face of global challenges, an abundance of capital and the low interest rate environment, Lloyd’s is being proactive in seizing the opportunities out there for growth and diversification.
“We will continue to engage with our global network of syndicates and brokers, to ensure Lloyd’s remains at the forefront of innovation in the industry.”
GBP1 = US$1.50