Sharp drop in the half-yearly profit for the Lloyds

The Lloyds has issued a half-yearly result heavily affected by the losses of the beginning of the year. Profits have dwindled down by 52.5% at 628 million GBP (946 million USD) compared to 1.32 billion GBP (2.18 billion USD) by June 30, 2009. The Chilean earthquake has cost the London market 1.4 billion USD while the loss of the Deepwater Horizon platform cost between 300 and 600 million USD. The combined ratio is of 98.7% compared to only 91.6% a year earlier. the ROE fell by 15% due to a safer but less profitable investment policy.