Lloyd's cited strong underwriting discipline and conservative investment strategies as the reasons for being in the black.
Richard Ward, Lloyd's chief executive, said in an interview that "to have a profit in the conditions that we had to trade through 2008 is a pretty good result. Investment income was getting trashed throughout 2008 and yet we were able to return a positive number for investment--2.5 percent, ?1 billion ($1.4 billion) investment return."
Standard & Poor's Ratings Services agreed. "This represents a very solid performance in a year characterized by heavy catastrophe losses and extreme volatility in global financial markets," S&P said in a statement.
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