London P&I Club Achieves Strong Financial Results Amid Marine Uncertainty
The London P&I Club has reported a robust financial performance for the year 2024/25, despite uncertainty in the marine insurance sector due to issues in the Gulf region. The club posted an operating surplus of US$21.3 million, increasing its free reserves to US$171.2 million. Gross earned premiums rose by 12% to reach US$159.8 million, demonstrating the club’s financial resilience.
The club’s combined ratio stood at 101.7% for the year, contributing to an improved three-year weighted average combined ratio of 103.9%. Investment activity was also successful, generating a 6.3% return on cash and assets under management, which contributed US$24.7 million to the overall operating surplus. Despite higher-than-anticipated pool claims late in the 2024 policy year, the club maintained strong technical performance and revenue growth.
This performance aligns with the club’s ongoing strategy to maintain sustainable rating and deductible structures while targeting high-quality tonnage globally. The club’s improved financial footing was recognized by S&P Global Ratings, which revised its outlook to stable in December 2024, citing consistently strong operating results and enhanced capital adequacy.
Chief executive James Bean, who took leadership in November 2024, commented, “These recent results are the clearest sign yet that the fundamentals of our business are strong.” He emphasized that the club is well-positioned to meet the needs of its members and assureds, both now and in the future. The announcement follows a successful renewal period in February 2025, where mutual tonnage rose by 12.6% year-on-year, with the club’s mutual book now totaling 49.5 million gross tonnes.
The London P&I Club’s strong financial performance and strategic planning have positioned it to resume its role as a leading independent mutual marine P&I insurer. The club’s reputation for best-in-class personal service, combined with a strengthening capital position, has garnered continued support and confidence from its members, assureds, and brokers worldwide.
