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| 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
