Financial highlights
Combined ITIC and TIMIA Financial Highlights for the year ended 31st May 2018 | Combined 31 May 2018 | Combined 31 May 2017 |
|---|---|---|
| US$ '000s | US$ | |
Gross premiums written | 51,798 | 51,859 |
Continuity credit | (9,665) | (7,970) |
Reinsurance premiums (excess loss) | (4,376) | (4,634) |
Claims incurred less excess loss reinsurance recoveries | (13,961) | (11,229) |
Operating expenses | (14,682) | (16,775) |
Surplus for the year before investment result and exchange losses/gains | 9,114 | 11,251 |
Investment result (realised and unrealised) | 8,359 | 13,182 |
| Taxation | (158) | (200) |
Exchange gains / (losses) | 888 | (1,294) |
Surplus/ (deficit) for the year | 18,203 | 22,939 |
Free reserves brought forward at 1st June | 159,670 | 136,731 |
Free reserves carried forward at 31st May | 177,873 | 159,670 |
| Free reserves: | ||
Funds available for outstanding claims and claims incurred but not enough reserved | 242,511 | 226,211 |
Less: Estimate of outstanding claims net of reinsurance recoveries (including known and incurred but not enough reserved) | (64,638) | (66,541) |
Free reserves carried forward at 31st May | 177,873 | 159,670 |
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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