Lloyd's cautious over market rally
By Myles Neligan |
October 28, 2009, Wednesday
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Print Edition
Print Edition
THE Lloyd's of London insurance market cautioned that a strong investment performance from surging share and bond markets would not be sustained and said its full-year expectations were unchanged.
"There have been no events that have resulted in any material changes to our expectations for the full year," Lloyd's said in a trading statement yesterday.
Lloyd's said its investment returns were better than expected thanks to a dramatic recovery in stock and bond markets from lows reached in the wake of last year's financial crisis.
It said the scope for keeping up this investment performance in the months ahead was "increasingly limited" as the financial market recovery runs its course.
Lloyd's said it remained financially strong, with total assets exceeding solvency shortfalls by its members by 2.55 billion pounds (US$4.17 billion) at September 30, little changed from 2.5 billion pounds three months earlier.
Insurers' finances set to get a boost this year thanks to a quiet American hurricane season.
"There have been no events that have resulted in any material changes to our expectations for the full year," Lloyd's said in a trading statement yesterday.
Lloyd's said its investment returns were better than expected thanks to a dramatic recovery in stock and bond markets from lows reached in the wake of last year's financial crisis.
It said the scope for keeping up this investment performance in the months ahead was "increasingly limited" as the financial market recovery runs its course.
Lloyd's said it remained financially strong, with total assets exceeding solvency shortfalls by its members by 2.55 billion pounds (US$4.17 billion) at September 30, little changed from 2.5 billion pounds three months earlier.
Insurers' finances set to get a boost this year thanks to a quiet American hurricane season.
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