The London P&I Club has released its financial results for the 2024/25 policy year, reporting a robust operating surplus of US$21.3 million and an increase in free reserves to US$171.2 million.
Gross earned premium income rose by 12%, reaching US$159.8 million, reflecting continued growth and improved revenue strength.
The Club’s combined ratio stood at 101.7% for the year, helping to reduce its three-year weighted average combined ratio to 103.9%. A key contributor to the positive result was the 6.3% investment return on assets under management and cash, which added US$24.7 million to the year’s operating result.
Despite the impact of higher-than-expected Pool claims particularly toward the end of the policy year the Club’s results indicate a sustained improvement in technical performance.
This progress is aligned with the Club’s long-term strategy of maintaining sustainable rating and deductible levels, while pursuing growth by attracting high-quality shipowners from across global markets.
Further reinforcing this momentum, S&P Global Ratings upgraded the Club’s outlook to ‘Stable’ in December 2024, citing a consistent track record of improved operational performance and a strengthened capital position.
James Bean, who assumed the role of CEO in November 2024, highlighted the significance of the results, stating that these most recent figures clearly demonstrate the strong fundamentals of the business.
This announcement follows a successful February 2025 renewal period, during which the Club recorded a 12.6% year-on-year increase in mutual tonnage.
The mutual book now stands at 49.5 million gross tons, matching levels last seen in 2021/22 but now supported by a significantly stronger premium base.
