LLOYD'S of London made a pretax profit of £1.005 billion sterling in 1994, the second year in succession that the insurance market has exceeded the £1 billion level, it disclosed yesterday.

In 1993, Lloyd's profits totalled £1.084 billion, its first annual profit in five years.

The insurance giant, which publishes its accounts three years in arrears, almost collapsed after thousands of investors were nearly bankrupted when the market lost £8 billion between 1988 and 1992.

Last year it pulled off a ground breaking £3.2 billion rescue deal with its investors, or Names.

Yesterday, Lloyd's said the 1994 results, which were after personal expenses, were preliminary and the final results would be published in early June, when it will also announce projected results for 1995 and 1996.