BRITANNIA P&I POSTS MUCH-IMPROVED 2025/26 RESULTS Published: 30 July 2026 The Britannia Group reports a satisfactory set of results with a profit of USD60.9 million on the back of strong investment gains and the combined ratio improving to 111.3%. KEY POINTS Result is a profit of USD60.9m. Improved underwriting loss of USD27.9m and investment return of USD88.8m. Combined ratio is 111.3% reduced from 137.7%. Retained claims down 25% and pool claims lower. The Britannia Group remains financially robust with free reserves of USD572.2m. Approximately USD28.8m capital returned to Members post renewal in February 2025 and a further USD15m in February 2026. A positive 2026/27 renewal with entered tonnage increasing from 143.7m (as at 20 February am) to 149.2m (as at 20 February pm). FINANCIAL OVERVIEW The result for the year is a profit of USD60.9m reflecting a reduction in large claims that improved the underwriting loss to USD27.9m, combined with strong investment returns of USD88.8m (including foreign exchange gains). The improvement in the combined ratio to 111.3% from 137.7% demonstrates the hard work of the Britannia Group underwriting team over several renewals, as well as the exceptional nature of events in the previous year. The most significant factor in the improved underwriting result is lower claims costs. Retained claims, those below USD10m, were down 25% from last year, returning to more normal levels. Pool claims were also lower than in the previous year with the number and value down, although the value remains relatively high in historical terms. The Britannia Group’s investment return was again very strong, despite some volatility early in the year. Both bonds and equities performed well which resulted in a gain of USD88.8m representing a return of 9.0%, considerably ahead of expected returns. The Britannia Group was able to add USD32.1m to free reserves during the year, after a capital return of approximately USD28.8m to Members post renewal in Febr