The 2008 accident year combined ratio stood at 103.2 percent (90.5 percent in 2007) but improved by 2.7 points to 100.5 percent after GBP370 million (USD688 million) of exchange gains on non-translation of non-monetary items (which will reverse in 2009). A further 9.2 points from GBP1.3 billion (USD2.4 billion) of reserve releases, mainly on the 2002-to-2006 years, brought the calendar year combined ratio down to 91.3 percent. Lloyd’s has indicated that, prior to exchange effects, the level of redundancy was in line with 2007’s GBP856 million (USD1.6 billion), but will fall from last year’s peak.
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