Lloyds Banking Group PLC (ADR) (NYSE:LYG) has faced significant hardships and challenging market conditions. This resulted in reduction in the rate of profitability for LYG. Lloyd’s CEO Inga Beale commented that the results were favourably strong, given the challenges that the company had faced.
Profits ‘Relatively Benign’
There were a plethora of natural catastrophes that occurred throughout. This hampered the profit making business. Profits were relatively benign and impacts better returns garnered on investment. LYG has 94 syndicates, underwriting insurance. The gross written premiums for LYG fell meagrely from £25.6bn in 2014 to £25.3bn in 2015.
Ms. Beale commented that in the premise of global challenges, there has been quite an abundance of capital prevalent at low interest rates. LYG has been proactive in coming forward, seizing opportunities and carrying out diversification and growth.
The company expects to veer itself progressively towards an engaging atmosphere. It expects to continue engaging with global network of brokers and syndicates and ensure that LYG remains at the forefront, innovating and adding value to this industry.
LYG Eyes Expansion
Furthermore, Lloyds Banking Group PLC (ADR) (NYSE:LYG) is keen on expanding. It is looking forward to increasing its overall international presence. Lloyd’s has opened its operations units in China and Dubai in 2015. It has robust plans that would help empower itself as a globally renowned and recognized brand. It is opening an operation unit offshore in Mexico. LYG also mentioned that the Indian government has passed legislations that would allow onshore operations in India in near future.
LYG Concerned About Cyber-Attacks And Defensive Mechanisms
Ms Beale corroborated with facts to the news media that businesses globally are on a losing front! They are losing businesses, not making profits up to the mark, losing on billions of dollars of investments primarily owing to systemic and detrimental cyber-attacks.
She went on to say that segments of the company have taken this up very seriously and are on a continual awareness drive across the LYG business community on how to identify cyber-attacks, ways to defend ourselves and how to retaliate.
Ms. Beale mentioned that LYG has 15% of the overall insurance against such cyber-crimes and attacks. The company has worked closely with the UK government and key insurance players to guard themselves against cyber-attacks.