P&I only, Income and Expenditure Summary, Highlights:

• Owned tonnage increased by 5.4%
• P&I premiums reduced by -3.4%
• Reinsurance premiums increased by 3.5%
• Gross paid claims reduced by -2.5%
• Net incurred claims reduced by -17.4%
• USD 67.4 million underwriting surplus. The very positive result was achieved despite the reduction in the 2015/16 deferred call from 25% to 15%.
• On the basis of the original estimated total call, the underwriting surplus would have been a remarkable
• USD 105 million.
• P&I Combined ratio with the reduction in deferred call: 86%. With the full estimated total call the P&I combined ratio would have been 79%.

Gard Group, Balance Sheet Summary, Highlights:

• Investment loss of approximately -2.3%
• Gard Group assets increased by 1.9%, free reserves increased by 5.0%

NB Gard's basis of disclosure: Gard changed their basis of reporting the P&I class of cover in 2010/11. Gard P&I underwriting results continue to be partially provided, but the club has progressively reduced the amount of information disclosed. Gard currently only publish the combined Gard Group results for net paid claims, net change in the provision for claims, investment return, assets and free reserves (i.e. the combined results for P&I, Marine and Energy). In the table above we show the Gard P&I class underwriting results to the fullest extent disclosed. We therefore use Gard 'Group' figures for assets and free reserves.To provide a meaningful comparison, the figures used in the financial graphs opposite represent Willis analysts' estimates of solely the P&I proportion Gard's investment income, assets and free reserves.