Last year brought no change in its pre-tax profit to the Lloyd's insurance market, when compared to 2013.

Pre-tax profit at Lloyd's of London, the global insurance market, reached £3.2billion ($4.9 billion) in 2014, the same level as 2013.

Lloyd's delivered a return on capital of 14.7 per cent last year, down from the 16.2 per cent registered in 2013, as gross written premiums dipped to £25.3 billion from £25.6 billion the previous year.

Lloyd's laid the unchanged profit in the context of “a relatively benign year for major natural catastrophes, favourable prior year development, and an improved investment return”. Indeed, with a conservative asset mix and a low interest rate backdrop, investment return was 0.4 percentage points higher than the previous year, at 2 per cent in 2014.

“In the face of global challenges, an abundance of capital and the low interest rate environment, Lloyd’s is being proactive in seizing the opportunities out there for growth and diversification,” Inga Beale, chief executive, said in the results statement.

“We will continue to engage with our global network of syndicates and brokers, to ensure Lloyd’s remains at the forefront of innovation in the industry.”

International growth remains a priority for the Lloyd's market this year, which has already seen the opening of a Dubai platform this month, alongside a new branch in Beijing for Lloyd’s China.

“We are opening our office in Mexico this year and the Indian government has now passed legislation to allow Lloyd’s to operate onshore in India. We are continuing to work hard to open up markets such as Turkey, Malaysia and Colombia,” said John Nelson, chairman at Lloyd's.

Last year involved 94 syndicates underwriting insurance at Lloyd's, from more than 200 countries worldwide.