2021 FINANCIAL STATEMENTS – BRITANNIA P&I ANNOUNCES SATISFACTORY RESULTS

Key points

  • Overall surplus after tax of USD37.0m
  • Strong investment return of USD59.0m, equivalent to 7.2%
  • Negative underwriting result with net claims significantly in excess of net premiums
  • Increase in free reserves of USD27.0m
  • USD10.0m capital distribution in October 2020
  • Strong 2021/22 renewal with growth rate target attained and increases in owned and chartered tonnage
  • Part VII Transfer at 20 February moved the majority of the historic book from the UK to Luxembourg
  • In March 2021 S&P affirmed the rating of A (Strong) with a Stable outlook for the reorganised and redomiciled Group
  • Britannia’s robust operating model has maintained service standards to Members despite widespread remote working

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