North

S&P Rating: A (Negative)

Combined Net Ratio	114%	Investment Return	6.7%	Entered Tonnage	248m GT
Underwriting Result	-USD 45m	Overall Result	USD 6m	Free Reserves	USD 450m

Vessel Type

Tonnage Trading Area

Financials (USD)	2020 (m)		2021 (m)
Gross Premium	347		406
Reinsurance Premium	(66)		(80)
Net Premium		281		326
Claims	(274)		(301)
Operating Expenses	(77)		(70)
Total Expenditure		(352)		(371)
Underwriting Result		(70)		(45)
Investments	69		67
Pension Scheme Deficit	(16)		(11)
Tax	(0.5)		(3.7)
Overall Result		(18)		6

CNR		125%		114%

US$	2015	2016	2017	2018	2019	2020	2021
• Free Reserves (m)	338	428	431	450	463	444	450
• Entered Tonnage (m)	170	185	190	195	207	230	248

Gross Tonnage