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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 result | 27,305 | 10,221 |
| Continuity credit | (14,201) | (13,315) |
| Operating result for the year before investment result and exchange result | 13,104 | (3,094) |
| Investment result (realised and unrealised) | (6,253) | 30,356 |
| Taxation | 122 | (575) |
| Exchange gains / (losses) | 1,041 | 2,541 |
| Surplus for the year | 8,014 | 29,228 |
| 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
