Financial Express (Holdings) Limited (“we”, “our”, “us” and derivatives) are committed to protecting and respecting your privacy. This Privacy Policy, together with our Terms of Use, sets out the basis on which any personal data that we collect from you, or that you provide to us, will be processed by us relating to your use of any of the below websites (“sites”).

  • FEAnalytics.com
  • FEInvest.net
  • FETransmission.com
  • Investegate.co.uk
  • Trustnet.hk
  • Trustnetoffshore.com
  • Trustnetmiddleeast.com

For the purposes of the Data Protection Act 1998, the data controller is Trustnet Limited of 2nd Floor, Golden House, 30 Great Pulteney Street, London, W1F 9NN. Our nominated representative for the purpose of this Act is Kirsty Witter.

WHAT INFORMATION DO WE COLLECT ABOUT YOU?

We collect information about you when you register with us or use any of our websites / services. Part of the registration process may include entering personal details & details of your investments.

We may collect information about your computer, including where available your operating system, browser version, domain name and IP address and details of the website that you came from, in order to improve this site.

You confirm that all information you supply is accurate.

COOKIES

In order to provide personalised services to and analyse site traffic, we may use a cookie file which is stored on your browser or the hard drive of your computer. Some of the cookies we use are essential for the sites to operate and may be used to deliver you different content, depending on the type of investor you are.

You can block cookies by activating the setting on your browser which allows you to refuse the setting of all or some cookies. However, if you use your browser settings to block all cookies (including essential cookies) you may not be able to access all or part of our sites. Unless you have adjusted your browser setting so that it will refuse cookies, our system will issue cookies as soon as you visit our sites.

HOW WE USE INFORMATION

We store and use information you provide as follows:

  • to present content effectively;
  • to provide you with information, products or services that you request from us or which may interest you, tailored to your specific interests, where you have consented to be contacted for such purposes;
  • to carry out our obligations arising from any contracts between you and us;
  • to enable you to participate in interactive features of our service, when you choose to do so;
  • to notify you about changes to our service;
  • to improve our content by tracking group information that describes the habits, usage, patterns and demographics of our customers.

We may also send you emails to provide information and keep you up to date with developments on our sites. It is our policy to have instructions on how to unsubscribe so that you will not receive any future e-mails. You can change your e-mail address at any time.

In order to provide support on the usage of our tools, our support team need access to all information provided in relation to the tool.

We will not disclose your name, email address or postal address or any data that could identify you to any third party without first receiving your permission.

However, you agree that we may disclose to any regulatory authority to which we are subject and to any investment exchange on which we may deal or to its related clearing house (or to investigators, inspectors or agents appointed by them), or to any person empowered to require such information by or under any legal enactment, any information they may request or require relating to you, or if relevant, any of your clients.

You agree that we may pass on information obtained under Money Laundering legislation as we consider necessary to comply with reporting requirements under such legislation.

ACCESS TO YOUR INFORMATION AND CORRECTION

We want to ensure that the personal information we hold about you is accurate and up to date. You may ask us to correct or remove information that is inaccurate.

You have the right under data protection legislation to access information held about you. If you wish to receive a copy of any personal information we hold, please write to us at 3rd Floor, Hollywood House, Church Street East, Woking, GU21 6HJ. Any access request may be subject to a fee of £10 to meet our costs in providing you with details of the information we hold about you.

WHERE WE STORE YOUR PERSONAL DATA

The data that we collect from you may be transferred to, and stored at, a destination outside the European Economic Area (“EEA”). It may be processed by staff operating outside the EEA who work for us or for one of our suppliers. Such staff may be engaged in, amongst other things, the provision of support services. By submitting your personal data, you agree to this transfer, storing and processing. We will take all steps reasonably necessary, including the use of encryption, to ensure that your data is treated securely and in accordance with this privacy policy.

Unfortunately, the transmission of information via the internet is not completely secure. Although we will do our best to protect your personal data, we cannot guarantee the security of your data transmitted to our sites; any transmission is at your own risk. You will not hold us responsible for any breach of security unless we have been negligent or in wilful default.

CHANGES TO OUR PRIVACY POLICY

Any changes we make to our privacy policy in the future will be posted on this page and, where appropriate, notified to you by e-mail.

OTHER WEBSITES

Our sites contain links to other websites. If you follow a link to any of these websites, please note that these websites have their own privacy policies and that we do not accept any responsibility or liability for these policies. Please check these policies before you submit any personal data to these websites.

CONTACT

If you want more information or have any questions or comments relating to our privacy policy please email publishing@financialexpress.net in the first instance.

 Information  X 
Enter a valid email address
  Print      Mail a friend       More announcements

Wednesday 26 March, 2014

Lloyds Of London

Lloyd's Annual Results

RNS Number : 2171D
Lloyds Of London
26 March 2014
 



 

26 March 2014

 

Lloyd's announces profit of £3.2 billion for 2013

Lloyd's, the world's specialist insurance and reinsurance market, today announced a profit of £3.2 billion for 2013.  This compares with a profit of £2.8 billion in 2012. Gross written premium income increased to a new high of £26.1 billion, with a combined ratio1 of 86.8% and a pre-tax return on capital of 16.2%.

 

Lloyd's capital position further strengthened with net resources of £21.1 billion. Ratings remain strong at A+ with Standard & Poor's and Fitch, and A with A.M. Best. All three ratings agencies have Lloyd's on positive outlook.

 

2013 was a benign year for insured catastrophes, with major claims to Lloyd's totalling £873 million. Despite this, total net incurred claims were £9.6 billion in 2013, down from £10.1 billion the previous year. UK flooding claims from 2013 are not expected to result in significant exposure for Lloyd's.

 

Lloyd's new CEO, Inga Beale, said:

 

"Disciplined underwriting and a benign year for major catastrophes have enabled us to outperform our peers and post this outstanding profit of £3.2 billion. From this base, the Lloyd's market has a great opportunity to expand in the underinsured, high growth economies around the world. We have started to build the foundations for this growth, as set out in our long term strategy 'Vision 2025', through close engagement with the market. We will continue to support our expert underwriters, through efficient operations, to attract capital and talent from these high growth economies."

 

Chairman of Lloyd's, John Nelson, said:

 

"These are outstanding results for Lloyd's and are a tribute to the talent and professionalism in the Lloyd's market.   Whilst we saw few catastrophe claims in 2013, continued low interest rates saw reduced investment income and high levels of capital continuing to flow into the market which put pressure on prices."

 

"These conditions look set to persist. I therefore expect increased competitive pressure on the market to remain in 2014. This underlines the need for continued underwriting discipline as we seek to maintain and reinforce our position as the global centre for specialist insurance and reinsurance."

 

Financial Highlights:

·     A profit before tax of £3.2 billion (2012 £2.8 billion)

·     A combined ratio of 86.8% (an improvement of 4.3 percentage points from 91.1% in 2012) compares favourably with our peer group's1 combined ratio of 93.4%

 

·     Total resources of the Society of Lloyd's and its members at £59.5 billion (2012 £59.3 billion)

·     Capital, reserves and subordinated debt and securities £21.1 billion (2012 £20.2 billion)

·     Central assets of £2,384 million (2012 £2,485 million)

·     Controlled premium growth of 1.6%, after taking account of the impact of foreign exchange and year on year risk adjusted rate change

·     Investment return of £839 million (2012 £1,311 million)

·     Prior year reserve surplus releases of £1,575 million (2012 £1,351 million)

ENDS

 

For further information, please contact:

 

Matt Beasley - Media

Tel: +44 (0)20 7327 5514  Email:  matt.beasley@lloyds.com 

 

Caroline Hume - Investor Relations

Tel: +44 (0)20 7327 5922  Email:  caroline.hume@lloyds.com 

 

Notes to Editors:

1.     A copy of Lloyd's 2013 Annual Report can be accessed at www.lloyds.com/2013annualresults

2.     A combined ratio is a measure of an insurer's underwriting profitability based on the ratio of net incurred claims plus net operating expenses to net earned premiums. A combined ratio of 100% is break even (before taking into account investment returns). A ratio less than 100% is an underwriting profit.

3.     Net resources are the aggregate of members' net assets and central assets.

4.     Central assets include the assets of the Central Fund and the other assets of the Corporation. In aggregate, the value of Lloyd's central assets, excluding the callable layer and the liability in respect of the subordinated debt and securities, amounted to £2,384 million at 31 December 2013. The Society financial statements are drawn up under IFRS.

5.     Members' resources operate on a several basis and are only available to meet each member's share of claims. Central assets are available at the Council's discretion to meet the liabilities of any member on a mutual basis.

6.       The results ultimately attributable and distributable to members are determined in proportion to their share in each syndicate for each underwriting year of account. In accordance with this, the 2011 year of account has closed at 36 months with a net profit of £911million at 31 December 2013 rates of exchange. This comprised a pure year loss that was matched by the investment return and a surplus on 2010 and prior years reinsured into 2011 of £911million. Years of account in run-off during 2013 reported a surplus of £3 million. 

7.     This press release includes forward-looking statements. These statements are based on currently available information and consistent accounting policies as applied at 31 December 2013. They reflect Lloyd's current expectations, projections and forecasts about future events and financial performance. All forward-looking statements address matters that involve risks, uncertainties and assumptions. Based on a number of factors, actual results could vary materially from those anticipated by the forward-looking statements. These factors include, but are not limited to, the following:

-         Rates and terms and conditions of policies may vary from those anticipated.

-         Actual claims paid and the timing of such payments may vary from estimated claims and estimated timings of payments, taking into account the preliminary nature of such estimates.

-         Claims and loss activity may be greater or more severe than anticipated, including as a result of natural or man-made catastrophic events.

-         Competition affecting the basis of pricing, capacity, coverage terms or other factors may be greater than anticipated.

-         Reinsurance placed with third parties may not be fully recoverable, or may not be paid on a timely basis, or such reinsurance from creditworthy reinsurers may not be available or may not be available on commercially attractive terms.

-         Developments in the financial and capital markets may adversely affect investments of capital and premiums, or the availability of equity capital or debt.

-         Changes in legal, regulatory, tax or accounting environments in relevant countries may adversely affect (i) Lloyd's ability to offer its products or attract capital, (ii) claims experience, (iii) financial return, or (iv) competitiveness.

-         Economic contraction or other changes in general economic conditions could adversely affect (i) the market for insurance generally or for certain products offered by Lloyd's, or (ii) other factors relevant to Lloyd's performance.

-         The foregoing list of factors is not comprehensive, and should be read in conjunction with other cautionary statements that are included herein or elsewhere. Lloyd's undertakes no obligation to update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise.

8.     Foreign exchange rates may materially fluctuate from the rates prevailing at 31 December 2013 (£1 = US$ 1.66, £1 = €1.20). Premiums, claims and investment income are translated at the average exchange rate for 2013 (£1 = US$1.56, £1 = €1.18).

 

[i] Peer group formed of 11 companies operating in the US, European and Bermudan markets




About Lloyd's

Lloyd's is the world's specialist insurance market and occupies fifth place in terms of global reinsurance premium income, and is the largest surplus lines insurer in the US. In 2014, 91 syndicates are underwriting insurance at Lloyd's, covering all classes of business from more than 200 countries and territories worldwide. Lloyd's is authorised under the Financial Services and Markets Act 2000 and regulated by the Financial Conduct Authority and Prudential Regulation Authority.

 

[1] The combined ratio is the ratio of net incurred claims and net operating expenses to net earned premiums.


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
ACSPGUBAWUPCUQQ