Falling results for Lloyd’s

Lloyd's has reported a 50% drop of its 2008 results. Taxable result has dwindled from 3.85 billion GBP (7.6 billion USD) in 2007 down to 1.9 billion GBP (2.7 billion USD) in 2008.

The financial result is declining by 52% at 957 million GBP (1.38 billion USD). These falling results are basically due to the rising total loss ratio following hurricanes Ike and Gustav. The combined ratio has risen from 84% in 2007 to 94% in 2008, that is, a ten point rise.