Through Transport Mutual Insurance Association Ltd. Annual Report 2025

TT Club delivered a strong financial year, achieving a surplus after tax of US$20.1m, significantly up from US$4.8m in 2024. Growth was driven largely by strong investment returns (US$45.9m), despite underwriting remaining in deficit. 

Key financial highlights

• Gross earned premium: ~US$286m 
• Net earned premium: ~US$221m 
• Underwriting deficit: US$29.7m 
• Total assets: US$1.04bn
• Surplus & reserves: US$302.3m

Business activity & strategy

• Deliver competitive insurance products and strong claims handling
• Maintain financial strength
• Keep a conservative investment approach 

Key developments in 2025

• Merger discussions began with UK P&I Club, aiming to create a larger, market‑leading mutual insurer. 
• Continued digital transformation programme to modernise systems and improve efficiency.
• Strong new business growth, approaching record levels.

Claims & underwriting trends

• Claims remained significant, with net claims ~US$168m
• Rising costs in logistics claims
• Continued focus on US bodily injury claims 
• The combined ratio was 111%, meaning claims and expenses exceeded premiums (underwriting loss).

Loss prevention & industry activity

Major expansion of loss prevention work, including:

• 370 engagements across 43 countries 
• New guidance on truck driver safety, climate risk, and freight crime 
• Launch of tools such as the Risk Maturity Tool to help Members benchmark risk management.

Outlook

• Improve underwriting performance (reduce deficit)
• Continue digital transformation
• Explore merger opportunities
• Strengthen loss prevention and Member value