Emergency Contact Annual Report 2025 Home Latest updates Publications Annual Report 2025 21 Apr 2026 Sign up for alerts For the 2025 financial year, the Club achieved a combined ratio of 99.6%, in line with its mutual ethos of providing insurance 'at cost' to its Members. The Club has seen an increase in premium earned during the year of 2.2%, taking gross earned income to US$ 306.9m. The Club’s underwriting business benefited from a strong competitive position which delivered this steady growth in premium whilst still maintaining the Club’s underwriting discipline. The strong return on the Club’s investment portfolio was a key contributor to year-end net assets reaching US$ 530.7m. This strong capital position, which is reflected in the Club’s A rating (stable outlook) from Standard & Poor’s, leaves the Club well placed to continue to provide high quality, well priced P&I insurance to its Members into 2026 and beyond. Financial and Member data summary Combined ratio 99.6% (2024: 98.8%) Underwriting surplus US$ 1.0m (2024: US$ 3.2m) Earned premiums, net of reinsurance US$ 270.8m (2024: US$ 266.9m) Incurred claims, net of reinsurance US$ 191.4m (2024: US$ 188.5m) Investments returned a gain of US$ 85.1m (2024: gain of US$ 38.4m) Capital and free reserves US$ 530.7m (2024: US$ 447.5m) Entered Members 8,296 (2024: 8,671) Entered tonnage 34.4m (2024: 32.9m) Entered vessels 35,378 (2024: 35,733) Share: Share: Back to top Latest insights 23 Feb 2026 年规则 2026 View article 年规则 2026 23 Feb 2026 Regels 2026 View article Regels 2026 23 Feb 2026 Regole 2026 View article Regole 2026 Sign up for alerts