2022 Directors' Report & Financial Statements

The UK P&I Club Directors' Report & Financial Statements for the year ended 20th February 2022 are now available to download. 

Overall Performance

In the year ended 20 February 2022, the UK P&I Club’s free reserves reduced slightly as investment returns were insufficient to offset underwriting losses. The Club recorded a deficit of US$19 million (2021: deficit of US$52 million), reducing the Club’s free reserves to US$488 million (2021: US$507 million).

Nevertheless, the Club’s financial strength remains among the strongest in the industry, with an S&P credit rating of ‘A-/Stable’ and capital strength of ‘AAA’ on their capital model.

Looking to the Future

The Club is well positioned to meet the challenges and exploit the opportunities of the future. The Club’s capital position is among the best in the industry providing the necessary financial resilience even in the most extreme scenarios. The Club’s leading brand and service proposition provide the assurance of professionalism and expertise. The Club’s people bring a wealth of experience to support Members through all eventualities. These elements are attractive to the shipping community as evidenced through the last renewal process.

A key element of the Club’s plan is the integration of modern technologies, changing the way it interacts with Members and the ways in which it operates and provides the first-class service that Members expect.

The Club will continue to improve its ability to work with Members to prevent or mitigate the impact of losses. Improving safety at sea, early warning systems and crisis response is of vital importance to Members and all those working or travelling on board ships.

The Club will seek to form strong long-term partnerships with Members. The Club will focus on understanding the needs of each Member and meet these needs through exceptional service and innovative solutions.

Members can download the full report below.