Opinion: Lloyd's expense base

Once again, there was little joy to be found in the headline
numbers of Lloyd's first half results.
As finance director John Parry said, "there is nothing in
these results to suggest that the pressure on the market is getting
any easier".
Optimists may point to the market's half year expense ratio,
which at first glance looks like a small victory.
A decline of 140 basis points (bps) year-on-year to 39.3 percent
is not the sweeping, dramatic change needed to...