UK Club

S&P Rating: A (Negative)

Combined Net Ratio	150%	Investment Return	5.6%	Entered Tonnage	239m GT
Underwriting Result	-USD 105m	Overall Result	-USD 52m	Free Reserves	-USD 507m

Vessel Type

Tonnage Trading Area

Financials (USD)	2020 (m)		2021 (m)
Gross Premium	306		288
Reinsurance Premium	(60)		(77)
Net Premium		245		211
Claims	(252)		(273)
Operating Expenses	(44)		(44)
Total Expenditure		(295)		(316)
Underwriting Result		(50)		(105)
Investments	106		53
Tax	(2.0)		(0.3)
Overall Result		54		(52)

CNR		120%		150%

US$	2015	2016	2017	2018	2019	2020	2021
• Free Reserves (m)	548	547	558	537	505	559	507
• Entered Tonnage (m)	225	234	239	239	244	242	239

Gross Tonnage