Lloyd’s lowers its sights on gains in the stock market

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The world's oldest insurance market said that the scope for further gains on its investments has become "increasingly limited" as the recovery in the equity and bond markets runs out of steam.

In recent months, returns on its investments have been better than expected thanks to the dramatic rises in share and bond prices. But Lloyd's has left its expectations for trading for the year unchanged, believing this recovery has now run its course.

Lloyd's said: "We expect that current market levels will make it difficult to achieve significant returns in the balance of the year."

Equities have risen by around 50% since March's lows as investors have become more confident that the global economy is recovering.

Lloyd's said it remains in a strong financial position, with total assets exceeding solvency shortfalls by its members of £2.5 billion at the end of September.