Steamship Mutual 2022/23 Year End Highlights
Steamship Mutual announce strong year end results with an improved Combined Ratio
At their Board Meeting in Athens, held on 23 May 2023, the Directors of Steamship Mutual approved the Clubs’ Report and Accounts for the 2022/23 policy year and authorised publication of the following highlights in advance of the release of detailed results.
- All figures in this report reflect Steamship’s combined position.
- Owned tonnage at 20 February 2023 was 117 million GT, a 6% increase over the previous year.
- Total entered tonnage, including chartered, was 230 million GT as at 20 February 2023.
- As at 20 February 202, Free Reserves stood at US$ 454 million, from US$ 473 million the previous year, still comfortably in excess of the S&P AAA rating level.
- An overall 6.65% increase was achieved on renewing owned business.
- The Combined Ratio improved to 95.4% with the average Combined Ratio for the last six years at 108.6%.
- Investments recorded a loss of US$ 26.8 million, or approximately 3%.
The combined financial position of the Steamship Mutual Group will be published in June but the Directors noted the improved underwriting performance. Claims in the International Group Pool were lower than in previous years although prior year deterioration was more notable than in the past.
The Board decided upon a 7.5% general increase in respect of all business renewing at 20 February 2023 . Mutual premium, including the value of adjusted terms, increased by 6.6%. At renewal, approximately 3 million GT of new mutual business was entered and after adjusting for tonnage which did not renew, the net increase was 1.5 million GT. The Managers are very grateful for the confidence in Steamship, which these new entries reflect.
The Club Chair, Mr Armand Pohan commented:
During my time as Chair, the Club has grown its reputation and is a market leader. It has been possible to return excess capital to the Members and as I come to the end of my time as Chair of the Club, I am happy to report another satisfactory outcome to the financial year.
Entered tonnage and premium both exceeded budget expectations and claims in the 2022/23 policy year were significantly lower than recent years. The development of claims in years prior to 2022/23 was greater than projected but the financial year combined ratio of 95.4% is a most welcome outcome.
The Club continues to grow and remains one of the financially strongest in the market. 2023 will be another challenging year for the industry but the Club’s commitment to service, recognised in a recent Member and Broker survey, will ensure we keep closely aligned to the interests of the Members. I am confident that the Club will prosper in the future and I wish Doris Ho, our first female Chair, Buckley McAllister and Carlos Madinabeitia well in their time at the helm.