Profit before tax for the six months to June were £1.32 billion compared to a figure of £949 million for the same period of last year.

The six months also saw an investment return of £708 million which was roughly double that of the first half of 2008 when the market received £346 million, and makes up the bulk of the rise in the pre tax figure.

Despite the lack of catastrophes in the first half of 2009 the pressure on rates is evident with the market’s combined ration increasing by 2.1% year on year to 91.6%.

Lloyd’s said the combined ration continues to compare well with its peers citing estimated ratios of 100% for US property & casualty insurers; 94% for US reinsurers; 84% for Bermuda; and 99% for European insurers and reinsurers.

The market’s assets were also increased with the central assets hitting the £2 billion mark, a slight increase on June 2008 figure of £1.9 billion.

The market said the results reflected the “continuing underwriting discipline and a relatively low level of catastrophe claims”.

Lloyd’s Chairman, Lord Peter Levene, said: “The first six months result has been achieved in what remain challenging circumstances. The market is in solid financial shape and business volumes have increased as a result of brokers and policyholders seeking to use the security of the Lloyd’s platform.

“External conditions, however, remain difficult with the US windstorm season and recessionary trends continuing to pose a threat to the insurance industry.”

Lloyd’s Chief Executive Richard Ward added:  "Lloyd’s prudent and conservative approach has ensured that our capital position and ratings remain strong. While we are well placed to take advantage of opportunities through the market’s wide product range and distribution channels, our focus must remain on underwriting profitability.