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LLOYD’S UPDATE - 2009 RESULTS & 2010 CAPACITY

FY 2005

FY 2006

FY 2007

FY 2008

FY 2009

Change

14,982

16,414

16,366

17,985

21,973

22%

21%

24%

19%

21%

22%

1pp

11,770

13,201

13,256

14,217

17,218

21%

11,785

12,688

13,097

13,796

16,725

21%

9,505

6,219

6,547

8,464

8,624

2%

3,668

4,327

4,451

4,134

5,781

40%

-1,388

2,142

2,099

1,198

2,320

94%

111.8%

86.0%

84.0%

91.3%

86.1%

-5.2pp

-103

3,662

3,846

1,899

3,868

104%

10,992

13,333

14,461

15,264

19,121

25%

10,491

12,836

13,449

14,182

18,163

28%

1,850

2,054

2,465

2,072

2,084

1%

-1%

31%

29%

14%

24%

10pp

Lloyd’s 2009 Pro Forma Results

In line with trends experienced in the global reinsurance market, Lloyd’s strong performance in 2009 reflected both the recovery of the financial markets and the low level of natural catastrophe losses in the period. As a result, Lloyd’s experienced a 104% growth in pro forma pre-tax profits, and a 28% increase in its capital base.

Table 1 – Lloyd’s Pro Forma Results

GBPmn Gross premiums written (GPW) Reinsurance as % of GPW Net premiums written Net premiums earned Net claims incurred Net operating expenses Underwriting result Combined ratio Pre-tax profit / loss Net resources (incls sub debt) Capital Central assets Pre-tax return on capital

Source: Lloyd’s

2009/08

GBPbn

Chart 2 – Pro Forma Results

4.5 4 3.5 3 2.5 2 1.5 1 0.5 0

  • -

    0.5

FY 2005

Source: Lloyd’s

FY 2006 Profit before tax (LH scale)

FY 2007

FY 2008

FY 2009

Pre-tax return on capital (RH scale)

35%

30% 25%

20%

15% 10%

5% 0%

  • -

    5%

6

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