Financial highlights
Combined ITIC and TIMIA Financial Highlights for the year ended 31st May 2019 | Combined 31 May 2019 | Combined 31 May 2018 |
|---|---|---|
| US$ '000s | US$ | |
Gross premiums written | 54,960 | 51,798 |
Reinsurance premiums (excess loss) | (3,623) | (4,376) |
Claims incurred less excess loss reinsurance recoveries | (20,569) | (13,961) |
Operating expenses | (18,191) | (14,682) |
Result for the year before continuity credit, investment result and exchange losses / gains | 12,577 | 18,779 |
Continuity credit | (19,545) | (9,665) |
Result for the year before investment result and exchange losses / gains | (6,968) | 9,114 |
Investment result (realised and unrealised) | 10,419 | 8,359 |
| Taxation | (197) | (158) |
Exchange gains / (losses) | (1,960) | 888 |
Surplus/ (deficit) for the year | 1,294 | 18,203 |
Free reserves brought forward at 1st June | 177,873 | 159,670 |
Free reserves carried forward at 31st May | 179,167 | 177,873 |
| Free reserves: | ||
Funds available for outstanding claims and claims incurred but not enough reserved | 246,626 | 242,511 |
Less: Estimate of outstanding claims net of reinsurance recoveries (including known and incurred but not enough reserved) | (67,459) | (64,638) |
Free reserves carried forward at 31st May | 179,167 | 177,873 |
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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