• Strong investment return of USD59.0m, equivalent to 7.2%
• Negative underwriting result with net claims significantly in excess of net premiums
• Increase in free reserves of USD27.0m
• USD10.0m capital distribution in October 2020
• Strong 2021/22 renewal with growth rate target attained and increases in owned and chartered tonnage
• Part VII Transfer at 20 February moved the majority of the historic book from the UK to Luxembourg
• In March 2021 S&P affirmed the rating of A (Strong) with a Stable outlook for the reorganised and redomiciled Group
• Britannia’s robust operating model has maintained service standards to Members despite widespread remote working
FINANCIAL OVERVIEW