Business

Lloyd's of London profits unchanged

Lloyd's of London building Image copyright AP

Insurance market Lloyd's of London has reported reports profits of £3.2bn for 2014, unchanged on the previous year.

Lloyd's chief executive Inga Beale described the results as "strong", given the "challenging market conditions" that it faced.

Profits were helped by a "relatively benign" year for major natural catastrophes, Lloyd's said, as well as better returns on investment.

The Lloyd's market includes 94 syndicates who underwrite insurance.

Gross written premiums fell to £25.3bn, from £25.6bn the previous year.

"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," said Ms Beale.

"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."

Lloyd's is looking to increase its international presence. It has opened operations in Dubai and China this year and is also opening an office in Mexico.

In addition, it said the Indian government had now passed legislation to allow it to operate onshore in India.

Cyber threat

Ms Beale told the BBC that businesses around the world were collectively losing billions of dollars through cyber attacks.

"We are trying to raise awareness in the business community," she said.

She said the Lloyd's market held about 15% of the total insurance against cyber-attacks bought around the world.

Lloyd's was working with the UK government and other insurance players to help companies guard against attacks, she said.

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