Monday, 7 April 2008

Lloyd's Profits up, subprime concern down

Lloyd's reported record profit of GBP3.85bn for 2007, up from GBP3.66bn in 2006 (enough to give CEO Richard Ward a 46.5% pay raise).

Despite growing fears in the market about the impending losses from subprime and other market turmoil, Lloyd's brushed off an anticipated GBP 100m in such losses as not material and "
within the normal course of business".

Ward highlighted the job ahead (and perhaps why Rolf Tolle earns slightly more than Ward) as "
to manage the cycle, focus on underwriting discipline and focus on underwriting for profit".

See the full story here.

In other Lloyd's news, the search for Lord Levene's successor is apparently on and the bar is set high - see a full detail of Levene's career path here (including how he, like me, roots for Chelsea).

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