ANNUAL REPORT AND FINANCIAL STATEMENTS 20 FEBRUARY 2024 COPENHAGEN, DENMARK 4 BILBAO, SPAIN 8 LONDON, UK 7 PIRAEUS, GREECE 11 HONG KONG 15 TOKYO AND KOBE, JAPAN 17 SEOUL, KOREA 12 LUXEMBOURG 18 SINGAPORE 22 TAIPEI, TAIWAN 25 NEW YORK, USA 26 BRITANNIA GROUP REGIONAL HUBS DNK ESP GBR GRC HKG JPN KOR LUX SGP USA STRATEGIC REPORT 1 Key performance indicators 2 Chairman’s statement 5 Financial review 6 Investment strategy and performance 8 International Group reinsurance 10 Membership 12 Loss prevention 13 Sustainability 14 Class 3 – Protection and Indemnity (P&I) 16 Class 6 – Freight, Demurrage and Defence (FD&D) 19 Members of the Board 20 Corporate governance 21 Management and mutual nature 23 Statement of Compliance with Section 172(1) of the Companies Act 2006 24 STATUTORY DIRECTORS’ REPORT 27 FINANCIAL STATEMENTS 27 Statement of directors’ responsibilities 28 Independent auditors’ report to the Members 35 Consolidated income and expenditure account 36 Consolidated statement of financial position 37 Consolidated statement of cash flows 38 Company statement of financial position 39 Notes to the financial statements 56 Class 3 – Protection and Indemnity policy year statement CONTENTS THE BRITANNIA STEAM SHIP INSURANCE ASSOCIATION HOLDINGS LIMITED THE BRITANNIA GROUP’S MISSION STATEMENT IS TO BE THE FINEST PROVIDER OF P&I AND FD&D INSURANCE BY: • OFFERING OUR MEMBERS THE HIGHEST LEVEL OF SERVICE • MAINTAINING OUR FINANCIAL STRENGTH • SUPPORTING MUTUALITY The strategic report outlines key information for the year ending 20 February 2024, while showing how we look to meet our mission statement. 4,217 55.2m 141 .7m CHARTERED TONNAGE SHIPS OWNED TONNAGE 20 FEB 2024 20 FEB 2023 20 FEB 2022 (m gt)(m gt)(m gt) ENTERED TONNAGE (OWNED)141.7142.0134.7 ENTERED TONNAGE (CHARTERED)55.251.073.5 KEY FINANCIAL DATAUSD(000)USD(000)USD(000) CALLS AND PREMIUMS*288,815258,140216,931 NET CLAIMS INCURRED*(181,261)(169,933)(164,888) INVESTMENT INCOME*63,573(63,781)16,048 NET OPERATING EXPENSES*(50,245)(46,490)(39,113) NET (DEFICIT)/SURPLUS AFTER TAXATION*58,243(77,837)(13,950) FREE RESERVES549,931501,688587,869 COMBINED RATIO102.3%106.6%116.4% IG AVERAGE EXPENSE RATIO15.48%15.39%12.53% STANDARD & POOR’S RATINGA (negative) A (negative) A (negative) 33 248 MEMBERS COUNTRIES ENTERED TONNAGE BY AREA OF MANAGEMENT CLASS 3 (% OF TOTAL) START 0F 2023/24 POLICY YEAR *These balances consist of The Britannia Steam Ship Insurance Association Holdings Limited (Britannia Holdings), The Britannia Steam Ship Insurance Association Limited (Britannia (UK)), The Britannia Steam Ship Insurance Association Europe (Britannia Europe), Universal Shipowners Marine Insurance Association Limited (USMIA) and Hydr a Insurance Company Limited – Britannia Cell. 42.3 ASIA 11.0 SCANDINAVIA 38.7 REST OF EUROPE 4.0 AMERICAS 3.4 MIDDLE EAST 0.6 AUSTRALASIA KEY PERFORMANCE INDICATORS BULK CARRIER/ OBO TANKERS (CRUDE) TANKERS (OTHERS) CONTAINERS GENERAL CARGO OTHERS 31 35 16 15 17 16 29 19 5 6 2 9 04 YEARS 59 YEARS 1014 YEARS 1519 YEARS 20 YEARS + 19 20 26 20 28 28 19 17 8 15 ENTERED TONNAGE (OWNED) WORLD TONNAGE SHIPS BY TYPE (% OF TOTAL) AGE OF SHIPS (% OF TOTAL) ANNUAL REPORT AND FINANCIAL STATEMENTS 2024STRATEGIC REPORT1 This report on the Britannia Group’s past financial year, the outlook for the coming years, and the geopolitical and world economic situation, taken all together, paint a very mixed picture. Total claims, especially from Pool claims, have been moderate, the past year’s corp