The 625th Meeting of the Association’s Board of Directors was held on 13 June 2025. The main decisions of the Meeting are as follows;

1. The 75th Ordinary General Meeting of the Members

The Board approved the convening of the 75th Ordinary General Meeting of the Members at the Kaiun Club, Tokyo at 16:00 on 22 July 2025.

2. Agenda of the 75th Ordinary General Meeting of the Members

The Board approved the following report and proposals for inclusion in the agenda of the Ordinary General Meeting.

Report:
The Business Report for the 75th business year (from 1 April 2024 to 31 March 2025);

Proposals:

1. To approve an inventory, balance sheet, income and expenditure account and proposals for the disposition of the surplus for the 75th business year (the period from 1 April 2024 to 31March 2025);
2. To approve amendment to Articles of Association;
3. To elect members to the Board of Directors, and to appoint the auditors;
4. To approve the payment of retirement bonus to retiring directors;
5. To revise the remuneration quota for directors who execute the daily business of the Association;
6. To provide an authorisation to the Board of Directors for the handling of decisions at the General Meeting of the Members;

Details of the above items can be found in the “Notice of the 75th Ordinary General Meeting of the Members”, which will be sent by post to the Members, along with enclosures.

The outline of the financial results for the 2024 business year (the above Proposal 1) is as follows:

In the 75th business year, given the upward trend of global inflation and insurance claims, in addition to elements of uncertainty, such as natural disasters and geopolitical risks, a general increase of 7 % was implemented for ocean-going owners’ and charterers’ entries for the 2025 policy year renewal.

The net premium income was JPY 22.59 billion, although this decreased from the previous year when there was a temporary income increase following the introduction of the Mutual Premium method. Investment income decreased by JPY 6.15 billion to JPY 1.89 billion, due to the significant decrease of a foreign exchange gain. Net insurance claims payments decreased by JPY 5.04 billion to JPY 28.34 billion, while reinsurance recoveries decreased by JPY 4.95 billion to JPY 12.14 billion. Provision for policy year reserves decreased by JPY 1.91 billion to JPY 1.15 billion. Consequently, underwriting expenses decreased by JPY 3.17 billion to JPY 17.41 billion.

As a result of the above, we have recorded a net surplus of JPY 4.95 billion, and we have significantly increased the reserve by JPY 5.73 billion from the previous year to JPY 41.10 billion.

3. Election of Members to the Board of Directors

Regarding Proposal 3 for the 75th Ordinary General Meeting of Members, "To elect Members to the Board of Directors and to appoint the auditors" it was resolved to recommend the candidates in the attachment.

4. Finally

We have formulated a three-year medium-term management plan commencing in this year, with the objective of obtaining an S&P rating of A- or higher. This plan sets forth the following points as our vision;

1. Providing high-quality insurance services
2. Responding to the evolving needs of our Members
3. Establishing a robust financial soundness
4. Ensuring stable business operations
5. Securing and retaining high quality Members

We are committed to continuously enhancing our operations and services to remain your first choice of Club, and we sincerely appreciate your continued support and cooperation.

Finally, we extend our best wishes to our Members for ongoing development and safe operations.