24 June 2026
London P&I financial results for 2025/26
London P&I extends growth in business volumes, revenues and free reserves to continue positive multi-year momentum
London P&I is pleased to announce its financial results for 2025/26, reporting an operating surplus of US$21.2m, increasing year-end free reserves to US$192.4m.
The results followed an increase in the club's premium base across both mutual and fixed P&I product lines, with gross premium income increasing 8% to reach US$172.9m. Entered tonnage across all geographies also rose during the year to over 80m GT.
In a broadly stable claims year, our underwriting performance for the year resulted in a combined ratio of 108%, reflecting deterioration in a small number of historical fixed premium claims and our share of other clubs prior year pool claims. Although this was higher than forecast, a 7.2% investment return on assets under management and cash holdings resulted in a strong positive overall operating surplus, alongside an improvement in the club's three-year average combined ratio to below 100%.
These results reflect our consistent approach to risk selection, pricing and portfolio management, supporting steady progress over recent years. Alongside this, the club has continued to broaden and strengthen its capabilities globally, ensuring the quality and consistency of service across its operations.
London P&I continues to build on the progress achieved in recent years, underpinned by strong capital and a clear strategic direction. Our latest results demonstrate our ability to deliver value for Members and Assureds while maintaining a consistent and selective approach to underwriting in a more demanding operating environment for Members and Assureds.
While the underwriting result for the year is slightly above our business plan projections, overall performance remains resilient, supported by technical pricing, careful risk selection and close engagement with our membership.
We are grateful to our Members, Assureds and brokers for their continued support and confidence in London P&I.