Lloyd’s annual results show a further fall in the number of open years, with the open year management team achieving closure of more syndicates with run-off years of account. By end-2009 a further seven syndicates with a total of 18 years of account were closed. Three syndicates were unable to close their 2007 year of account at year end, bringing the net reduction in open years to 15. The aggregate net reserves on run-off years of account has now fallen to £1 billion from £4.4 billion at December 2005.
The 2007 underwriting year of account achieved a profit of £2,773 million at closure. The result includes the surpluses of £964 million on the 2006 and prior reinsurance to close (RITC) received as at 31 December 2008.
In aggregate, run-off years reported an overall profit of £117 million including investment income (2008: £104 million) and syndicates backed by insolvent members supported by the Central Fund reported an overall surplus for the second successive year.