...But as profits go down, executive pay booms

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Lord Levene of Portsoken is now positioned as one of the fattest cats among non-executive chairmen in the City, taking home £806,000 last year, up from £683,000 in 2007. The former adviser to ex-Prime Minister John Major and all-round City grandee was paid a bonus of £100,000.

His chief executive Richard Ward picked up £1.2 million, thanks to a bonus of £603,000.

This was trumped by Rolf Tolle, Director of Franchise Performance, who was paid £1.5 million thanks to an £800,000 bonus, up from £520,000 a year earlier. His job is to "modernise the Lloyd's market and improve its financial performance".

Finance director Luke Savage is also rubbing along nicely. He got £800,000, up from £688,000, and a bonus of £290,000.