UK P&I Club's Half-Year Financial Highlights
- A solid performance from the Club at the half year.
- After six months, claims are slightly below average of the last eight years.
- The Pool remains favourable at the half year. The Club’s excellent record on the Pool has reduced the Club's Pool contributions steadily over recent years, and shielded the Club from the increasing costs of the very largest P&I Claims in the market.
- A strong 4%* investment return in the first six months.
- Underwriting performance has met the Club’s target on average over the last eight consecutive financial years. The favourable claims environment in the first half of the year has delivered a combined ratio of 95%*.
- Free reserves stand at $497 million with a further $100 million in hybrid capital –an increase of nearly $40 million since 20th February 2017.
- The Board expects to announce its Brexit plans by the end of the year with a view to being able to insure European risks in a new European subsidiary from the 2019 policy year
*Figures are excluding currency fluctuations.
30475 - Autumn_Statement_2017_Web (269 KB)
Thomas Miller Group
You may also be interested in:
UK P&I Club: 2018 Review of the Year
2017 was a good year for the Club. The underwriting surplus of $29 million was the largest in recent years. This, when coupled with a strong investment return of over $43 million, delivered a total surplus of $72 million. After adjusting for forward currency contracts, the Free Reserves at 20 February 2018 increased by $82 million to $540 million.
UK P&I Club Review of the year 2017
2016 has been another strong year for the Club. Despite a small number of large claims notified to the Club towards the end of the year, a decent underwriting result and strong performance within the investment markets have enabled the Club to record a surplus for the ninth year in a row.
The UK P&I Club ('the Club'), one of the leading providers of protection and indemnity insurance, agreed at its Board meeting on 19th November to a Mutual Premium Discount of 3 per cent on the total mutual call for the 2015 policy year.
The Club emerges from the renewal to start the new policy year with total mutual owned tonnage of 139 million gt, slightly higher than at the start of the previous policy year. Combined mutual-owned and chartered tonnage now stands at around 239 million gross tonnes.