Japan

S&P Rating: BBB+ (Positive)

Combined Net Ratio	111.9%	Investment Return	4.72%	Entered Tonnage	97m GT
Underwriting Result	-USD 12m	Overall Result	USD 9m	Free Reserves	USD 244m

Vessel Type

Financials (USD)	2020 (m)		2021 (m)
Gross Premium	183		179
Reinsurance Premium	(46)		(44)
Net Premium		137		135
Claims	(98)		(120)
Operating Expenses	(27)		(27)
Total Expenditure		(125)		(147)
Underwriting Result		12		(12)
Investments	(4)		30
Tax	(4)		(9)
Overall Result		4		9

CNR		107.5%		111.9%

US$	2015	2016	2017	2018	2019	2020	2021
• Free Reserves (m)	172	187	208	227	238	236	244
• Entered Tonnage (m)	93	92	92	94	96	99	97

Gross Tonnage