Financial highlights for 2025
Combined ITIC, ITIC Europe and TIMIA Financial Highlights for the year ended 31st May 2025 | Year ended 31st May 2025 | Year ended 31st May 2024 |
|---|---|---|
| US$ '000s | US$ '000s | |
| Gross premiums written | 76,427 | 71,906 |
| Reinsurance premiums (excess loss) | (5,524) | (5,229) |
| Claims incurred less excess loss reinsurance recoveries | (24,255) | (26,472) |
| Operating expenses | (26,859) | (25,514) |
| Operating result for the year before continuity credit, investment result and exchange result | 19,789 | 14,691 |
| Continuity credit | (18,770) | (15,660) |
| Operating result for the year before investment result and exchange result | 1,019 | (969) |
| Combined ratio (pre continuity credit) | 74% | 80% |
| Combined ratio (post continuity credit) | 99% | 101% |
| Investment result (realised and unrealised) | 28,987 | 31,247 |
| Taxation | (681) | (650) |
| Surplus for the year | 29,325 | 29,628 |
| Free reserves brought forward at 1st June | 259,642 | 230,014 |
| Free reserves carried forward at 31st May | 288,967 | 259,642 |
| Free reserves: | ||
| Assets under management including accrued interest | 373,216 | 343,913 |
| Other net assets | (5,857) | (8,298) |
| Less: Outstanding claims reserves net of reinsurance recoveries | (78,392) | (75,973) |
| Free reserves carried forward at 31st May | 288,967 | 259,642 |
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.
- Date
- 02/12/2025
