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LLOYD’S UPDATE - 2009 RESULTS & 2010 CAPACITY

Chart 4 – Central Fund Assets

FY 2008 Central Fund Assets GBP2.1bn

FY 2009 Central Fund Assets GBP2.1bn

4%

6%

2%

2% 1%

16%

Fixed Income - Corporate

Fixed Income - Government*

3% 4%

3%

2% 2%

45%

Global Equity

5%

6%

Hedge Funds

Cash

Emerging Markets & High Yield Bonds

Property Equity

Emerging Equity

35%

64%

*Includes supra nationals and government agencies Source: Lloyd’s

Investment Return

The pro forma accounts include a notional investment return on FAL, an investment return on central assets and syndicate investment return. This split is illustrated in Chart 5. The investment return includes both realized and unrealized investments. The improvement in the total investment return mainly reflects the recovery in corporate bond values.

Chart 5 – Investment Return

2,500

6.0

GBPmn

2,000

1,500

1,000

500

5.0

4.0

3.0

2.0

1.0

Investment Return %

0

0.0

FY 2005

FY 2006

FY 2007

FY 2008

FY 2009

Investment Return on Society Assets (LH scale)* Notional Return on FAL (LH scale) Syndicate Investment Return (LH scale) Investment Return (RH scale)

Source: Lloyd’s, Aon Benfield Research

8

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