Britannia

S&P Rating: A (Stable)

Combined Net Ratio	120%	Investment Return	7.2%	Entered Tonnage	179m GT
Underwriting Result	-USD 32m	Overall Result	USD 36m	Free Reserves	USD 627

Vessel Type

Tonnage Trading Area

Financials (USD)	2020 (m)		2021 (m)
Gross Premium	201		200
Reinsurance Premium	(33)		(39)
Net Premium		168		161
Claims	(190)		(161)
Operating Expenses	(32)		(33)
Total Expenditure		(222)		(193)
Underwriting Result		(54)		(32)
Investments	87		76
Tax	(2)		(2)
Overall Result		32		37

CNR		132%		120%

US$	2015	2016	2017	2018	2019	2020	2021
• Free Reserves (m)	546	513	601	642	588	594	627
• Entered Tonnage (m)	136	141	116	127	131	163	179

Gross Tonnage