Lloyd's of London half year profits drop 47 per cent

The Lloyd's of London insurance market's profit dropped 47 per cent in the first half on falling investment income and increased cost of claim, it said on Thursday.

The world's oldest and biggest insurance market reported pre tax profits in the six months to June 30 of £949 million compared with £1.81 billion in the previous year.

Lloyd's said central assets reached £1.94 billion.

"The market remains in a good position to face the challenges ahead even though the external conditions in which we operate are about to test our structure and resolve," said Lloyd's chief executive officer Richard Ward in a statement.