Financial highlights

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Combined ITIC and TIMIA Financial Highlights for the year ended 31st May 2022 Year end May 2022 Year end May 2021
US$ '000s US$ '000s
Gross premiums written 65,672 59,787
Reinsurance premiums (excess loss) (5,365) (4,767)
Claims incurred less excess loss reinsurance recoveries (8,517) (24,047)
Operating expenses (24,485) (20,752)
Operating result for the year before continuity credit, investment result and exchange result27,30510,221
Continuity credit (14,201) (13,315)
Operating result for the year before investment result and exchange result13,104(3,094)
Investment result (realised and unrealised) (6,253) 30,356
Taxation 122 (575)
Exchange gains / (losses) 1,041 2,541
Surplus for the year8,01429,228
Free reserves brought forward at 1st June 213,906 184,678
Free reserves carried forward at 31st May 221,920 213,906
Free reserves:
Investment funds and net assets available for outstanding claims 290,910 292,661
Less: Outstanding claims reserves net of reinsurance recoveries (68,990) (78,755)
Free reserves carried forward at 31st May 221,920 213,906

Gross Premium Income

The following graph shows the growth in premium income of ITIC for the years ended 31st May:

Free Reserves Development

The reserves of the combined club at 31st May continue to grow through a strong investment performance and stable underwriting

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