London P&I has announced its financial results for 2025/26, reporting an operating surplus of US$21.2m, increasing year-end free reserves to US$192.4m.
The results followed an increase in London P&I’s premium base across both mutual and fixed P&I product lines, with gross premium income increasing 8% to reach US$172.9m. Entered tonnage across all geographies also rose during the year to over 80m GT.
In a broadly stable claims year, London P&I’s underwriting performance for the year resulted in a combined ratio of 108%, reflecting deterioration in a small number of historical fixed premium claims and our share of other club’s prior year pool claims.
Although this was higher than forecast, a 7.2% investment return on assets under management and cash holdings resulted in a strong positive overall operating result alongside an improvement in the club’s three-year average combined ratio to below 100%.
These results reflect London P&I’s consistent approach to risk selection, pricing and portfolio management, supporting steady progress over recent years. Alongside this, the club has continued to broaden and strengthen its capabilities globally, ensuring the quality and consistency of service across its operations.
James Bean, CEO of London P&I, noted: “London P&I continues to build on the progress achieved in recent years, underpinned by strong capital and a clear strategic direction. Our latest results demonstrate our ability to deliver value for Members and Assureds while maintaining a consistent and selective approach to underwriting in a more demanding operating environment for Members and Assureds.
While the underwriting result for the year is slightly above our business plan projections, overall performance remains resilient, supported by technical pricing, careful risk selection and close engagement with our membership.
Our service is often described as a ‘family’ approach, reflecting the long-term relationships we build, combined with clear accountability and professional standards. We are grateful to our Members, Assureds and brokers for their continued support and confidence in London P&I.”
The most recent financial results followed the planned transition at Board level. Mr Vassilis J. Laliotis was appointed Chairman in February 2026, succeeding John M. Lyras who stepped down after 45 years of distinguished service to the club.
London P&I also strengthened its management team in June 2026. Deborah Yu has been appointed Regional Director, Asia, supporting the club’s expanding operations in Hong Kong and Shanghai, while Victoria Papageorgiou has been appointed Commercial Director to bolster the club’s commercial activities.
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