Catlin, the operator of the biggest syndicate in the Lloyd's of London insurance market, reported a pretax profit of $145 million (93 million pounds), down from $231 million, a year earlier.

Net investment return in the first half fell to $9 million from $83 million a year earlier.

Net underwriting contribution was $441 million, in line with a year earlier, despite $99 million in net catastrophe losses.

Shares in the company were down 1.5 percent at 8.02 a.m. British Time on the London Stock Exchange on Friday.

(Reporting by Abhishek Takle in Bangalore; Editing by Supriya Kurane)