Singapore

GROWTH remained flat for Lloyd's of London, the world's specialist insurance and reinsurance market, which posted a pre-tax profit of £3.2 billion (S$6.53 billion), unchanged from 2013.

Return on capital was 14.7 per cent, down from 16.2 per cent in 2013, due to increased competition. The flat growth is attributable to a relatively benign year. Insurance underwriters generally show a weaker performance in the absence of major natural catastrophes, as insurance premiums fall.