Financial highlights 2025

TT Club had a strong 2025 driven by investment performance and new business growth, strengthening its capital position despite ongoing underwriting losses.

Overall performance

• The Club delivered a strong financial result, with a net surplus of US$20.1m (up significantly from US$4.8m in 2024). 
• Performance was supported by strong investment returns (7.0%).

Key financial metrics

• Gross earned premiums: US$285.6m (broadly stable year-on-year)
• Gross paid claims: US$162.5m (increase from 2024)
• Combined ratio: 110% (still above 100%, indicating underwriting losses) 
• Total surplus & reserves: US$302.3m (strengthened capital position) 
• Member retention: 92% 

Financial position

• Total assets grew to ~US$1.04bn, supported by higher investments. 
• Reserves increased, reinforcing the Club’s financial strength (A‑ rating) and capital adequacy. 

Trends & performance drivers

• Investment income was the primary driver of improved results. 
• Claims costs increased, contributing to continued underwriting pressure. 
• New business growth was strong, though partly offset by some lost business.

Strategic developments

• Merger discussions underway with UK P&I Club to create a larger mutual insurer. 
• Ongoing digital transformation to modernise systems and improve efficiency.