Gard

S&P Rating: A+ (Negative)

Combined Net Ratio	102%	Investment Return	5%	Entered Tonnage	356m GT
Underwriting Result	-USD 11m	Overall Result	USD 86m	Free Reserves	USD 1,263m

Vessel Type

Tonnage Trading Area

Financials (USD)	2020 (m)		2021 (m)
Gross Premium	755		887
Reinsurance Premium	(173)		(186)
Net Premium		583		704
Claims	(586)		(632)
Operating Expenses	(80)		(83)
Total Expenditure		(665)		(715)
Underwriting Result		(83)		(11)
Investments	118			113
Tax	(12)	105		(16)
Overall Result		22		86

CNR (ETC basis)		114%		102%

US$	2015	2016	2017	2018	2019	2020	2021
• Free Reserves (m)	969	1,017	1,135	1,249	1,159	1,179	1,263
• Entered Tonnage (m)	263	305	307	308	315	340	356

Gross Tonnage