February 13, 2020 / 7:17 AM / 16 days ago

CORRECTED-Insurer Lancashire's full-year profit skyrockets on higher rates

(Corrects combined ratio explanation in paragraph 3)

Feb 13 (Reuters) - Property and casualty underwriter Lancashire said on Thursday its earnings for the whole of 2019 quadrupled in comparison with the previous year, boosted by a rise in insurance prices.

The Lloyd’s of London insurer, which writes policies for heavy-duty assets such as oil rigs, ships and aircraft, said its profit leapt to $119.5 million for the year ended Dec. 31, from $33.6 million a year earlier.

The combined ratio - considered the main gauge of an insurer’s profitability - came in at 80.9% from 92.2% in 2018. A level below 100% indicates that premiums earned exceeded claims. (Reporting by Muvija M in Bengaluru, Editing by Sherry Jacob-Phillips)

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