Financial Highlights

Combined ITIC and TIMIA Financial Highlights for the year ended 31st May 2023Year end May 2023Year end May 2022
 US$ '000sUS$ '000s
Gross premiums written68,54565,672
Reinsurance premiums (excess loss)(5,303)(5,365)
Claims incurred less excess loss reinsurance recoveries(18,109)(8,517)
Operating expenses(22,347)(23,444)
Operating result for the year before continuity credit, investment result and exchange result22,78628,346
Continuity credit(14,586)(14,201)
Operating result for the year before investment result and exchange result8,20014,145
Combined ratio (pre continuity credit)67%57%
Combined ratio (post continuity credit)88%78%
Investment result (realised and unrealised)(144)(6,253)
Surplus for the year8,0968,014
Free reserves brought forward at 1st June221,918213,904
Free reserves carried forward at 31st May230,014221,918
Free reserves:  
Assets under management including accrued interest307,921298,076
Other net assets(9,714)(7,168)
Less: Outstanding claims reserves net of reinsurance recoveries(68,193)(68,990)
Free reserves carried forward at 31st May230,014221,918

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

You are currently offline. Some pages or content may fail to load.