2023 Directors' Report and Financial Statements - UK PandI

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2023 Directors' Report and Financial Statements

Nigel De Silva

Nigel De Silva: Chief Financial Officer (CFO)

Date: 16 June 2000 16/06/2000

The UK P&I Club Directors' Report and Financial Statements for the year ended 20th February 2023 are now available to download.

Overall Performance

In the year ended 20 February 2023, the UK P&I Club's free reserves reduced following turmoil in investment markets. The Club recorded a deficit of US$58 million (2022: deficit of US$19 million), reducing the Club's free reserves to US$430 million (2022: US$488 million). Nevertheless, the Club's financial strength remains among the strongest in the industry, with an S&P credit rating of 'A-/stable and a capital strength of 'AAA' according to its capital model.

Looking to the Future

The Club is well positioned to meet its future strategic objectives. To deliver its strategic goals, the Club will continue to focus on its core capabilities to enhance its market position.