| Combined ITIC, ITIC Europe and TIMIA Financial Highlights for the year ended 31st May 2024 | Year end 2024 | Year end 2023 |
|---|---|---|
| US$ '000s | US$ '000s | |
| Gross premiums written | 71,906 | 68,545 |
| Reinsurance premiums (excess loss) | (5,229) | (5,303) |
| Claims incurred less excess loss reinsurance recoveries | (26,472) | (18,109) |
| Operating expenses | (25,514) | (22,347) |
| Operating result for the year before continuity credit, investment result and exchange result | 14,691 | 22,786 |
| Continuity credit | (15,660) | (14,586) |
| Operating result for the year before investment result and exchange result | (969) | 8,200 |
| Combined ratio (pre continuity credit) | 80% | 67% |
| Combined ratio (post continuity credit) | 101% | 88% |
| Investment result (realised and unrealised) | 31,247 | (144) |
| Taxation | (650) | 40 |
| Surplus for the year | 29,628 | 8,096 |
| Free reserves brought forward at 1st June | 230,014 | 221,918 |
| Free reserves carried forward at 31st May | 259,642 | 230,014 |
| Free reserves: | ||
| Assets under management including accrued interest | 343,913 | 307,921 |
| Other net assets | (8,298) | (9,714) |
| Less: Outstanding claims reserves net of reinsurance recoveries | (75,973) | (68,193) |
| Free reserves carried forward at 31st May | 259,642 | 230,014 |
The following graph shows the growth in premium income of ITIC for the years ended 31st May:
The reserves of the combined club at 31st May continue to grow through a strong investment performance and stable underwriting
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