Financial Highlights

Combined ITIC and TIMIA Financial Highlights for the year ended 31st May 2021 Combined 31 May 2021 Combined 31 May 2020
US$ '000s US$ '000s
Gross premiums written 59,787 57,338
Reinsurance premiums (excess loss) (4,767) (3,843)
Claims incurred less excess loss reinsurance recoveries (24,047) (28,911)
Operating expenses (20,752) (16,473)
Operating result for the year before continuity credit, investment result and exchange result 10,221 8,111
Continuity credit (13,315) (19,722)
Operating result for the year before investment result and exchange result (3,094) (11,611)
Investment result (realised and unrealised) 30,356 18,166
Taxation (575) (363)
Exchange gains / (losses) 2,541 (681)
Surplus for the year 29,228 5,511
Free reserves brought forward at 1st June 184,678 179,167
Free reserves carried forward at 31st May 213,906 184,678
Free reserves:
Investment funds and net assets available for outstanding claims 292,661 261,405
Less: Outstanding claims reserves net of reinsurance recoveries (78,755) (76,727)
Free reserves carried forward at 31st May 213,906 184,678

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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