(Bloomberg) — Lloyd's of London, the world's oldest insurance market, reported its biggest annual profit in four years as natural catastrophe claims declined.
Pretax profit increased to 3.2 billion ($5.3 billion) in 2013 from 2.8 billion pounds the previous year, the London-based market said in a statement today. Lloyd's paid out 86.8 pence in claims and operating expenses for every pound it took in in premiums, compared with 91.1 pence in 2012.
Earnings for Lloyd's of London insurers have been boosted by a decline in costs linked to U.S. hurricanes. Claims against insurers and reinsurers from natural catastrophes dropped 52% last year to about $31 billion, according to Munich Re, the world's biggest reinsurer.
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