Annual Reports & Financials

1st Quarter 2025 Financial Commentary

Energy Insurance Mutual Limited (“EIM”) recorded a gain on surplus of $10.8 million for the three months ended March 31, 2025. This was driven by positive investment market performance partially offset by a small underwriting loss. This compares to a budgeted net income of $12.7 million for the first quarter and $32.4 million for the same period 2024.

EIM’s investment income totaled $39.7 million for the first three months of 2025 compared to $54.7 million for the same period 2024. EIM recorded an underwriting loss of $26.3 million in the first quarter compared to a loss of $13.8 million for the same period prior year.

Highlights from 2025 include:

• Distribution of $25.0 million paid in March 2025 to members of record at December 31, 2024.
• Surplus of $1.36 billion, an increase of $10.8 million or 0.8% for quarter.
• Combined ratio of 122.4% for the first three months 2025 as compared to 116.5% for the same period prior year.
• Membership retention of 100% was achieved in the first three months of 2025.

EIM had a return on investments of 1.5% compared to a budgeted return of 1.4% for the first quarter of 2025. The return is a result of gains on international equities of 6.2%, fixed income securities of 2.2%, alternative investment securities of 0.9% and US equities of (1.9%).