The Japan P&I Club has turned around last year’s losses after a supplementary call on members, a rate rise and the sale of assets.
It reported a bottom-line net surplus of ¥4.65bn ($33.5m) for 2022, including a ¥1.16bn gain from the sale of its central Tokyo head office building.
The club had been concerned about the decline in its free reserves.
But it reported that the free reserves have now increased by ¥5.32 billion to ¥27.44 billion, “recovering from a large decline in the previous year”.
Japan P&I achieved a 10% increase in premium for its oceangoing mutual business and a 15% increase from its coastal shipping business at this year’s renewal.
A 40% of supplementary call was made for the 2021 policy year and an unbudgeted supplementary call — made up of 25% of advance calls for each of the 2020 and 2021 policy years, when there were significant deteriorations in loss records.
With the additional revenue, net insurance income increased by ¥13.5bn from the previous year to ¥30.31bn.
Investment income decreased by ¥160m to ¥3.23bn. There was a foreign exchange gains of ¥2.5m due to the weaker yen.
Claims payments decreased by ¥2.34bn to ¥25.66bn largely because of a decrease in Covid-related claims.
The club also had two pool claims in excess of $10m.
