For the 2025 financial year, the Club achieved a combined ratio of 99.6%, in line with its mutual ethos of providing insurance 'at cost' to its Members. The Club has seen an increase in premium earned during the year of 2.2%, taking gross earned income to US$ 306.9m. The Club’s underwriting business benefited from a strong competitive position which delivered this steady growth in premium whilst still maintaining the Club’s underwriting discipline.
The strong return on the Club’s investment portfolio was a key contributor to year-end net assets reaching US$ 530.7m. This strong capital position, which is reflected in the Club’s A rating (stable outlook) from Standard & Poor’s, leaves the Club well placed to continue to provide high quality, well priced P&I insurance to its Members into 2026 and beyond.
Financial and Member data summary
- Combined ratio 99.6% (2024: 98.8%)
- Underwriting surplus US$ 1.0m (2024: US$ 3.2m)
- Earned premiums, net of reinsurance US$ 270.8m (2024: US$ 266.9m)
- Incurred claims, net of reinsurance US$ 191.4m (2024: US$ 188.5m)
- Investments returned a gain of US$ 85.1m (2024: gain of US$ 38.4m)
- Capital and free reserves US$ 530.7m (2024: US$ 447.5m)
- Entered Members 8,296 (2024: 8,671)
- Entered tonnage 34.4m (2024: 32.9m)
- Entered vessels 35,378 (2024: 35,733)
