The London P&I Club has  announced its financial results for 2024/25, reporting an operating surplus of US$21.3m, while also strengthening its free reserves to US$171.2m. Gross earned premium income increased 12% to reach US$159.8m.

The Club’s combined ratio for the period was 101.7%, which contributed to an improved three-year weighted average combined ratio of 103.9%. Meanwhile, the investment return on assets under management and cash was 6.3%, contributing US$24.7m to the operating result for the year.

This positive result reinforces the London Club’s planned approach to focus on the sustainability of its rating and deductible levels, alongside growth based on attracting quality shipowners from markets worldwide. While the Club was impacted by higher than expected Pool claims, particularly towards the end of the 2024 policy year, its strong 2024/25 results were another indication that its improved technical performance has continued to bring greater levels of stability and strengthened top line revenues.

This was further supported by S&P Global Ratings upgrading the Club’s outlook to Stable in December 2024 following a sustained period of  improved operating performance that has  strengthened the Club’s capital position.

James Bean, CEO of The London P&I Club, who took charge of the Club in November 2024, commented: “These most recent results are the clearest sign yet that the fundamentals of our business are strong and that we are well placed to fully meet the needs of our Members and Assureds, both now and in the future. Our strategic plans are delivering growth in tonnage, acknowledging the Association’s reputation for best-in-class personal service. Combined with a strengthening capital position, the London P&I Club is resuming its position as a leading independent mutual marine P&I insurer. We want to thank our Members, Assureds and Brokers around the world for their continued support and confidence.”

The announcement of the improved financial results follows a positive renewal for the Club in February 2025, which saw a 12.6% growth in mutual tonnage compared to the previous year. The Club’s mutual book now stands at 49.5m gt, which is the same level as 2021/22 but with a significantly stronger premium base.