Transcription
TT Club MutualInsurance LimitedAnnual Report & Financial Statementsfor the year ended 31 December 2019
ContentsTT Club Mutual Insurance LimitedTT CLUB MUTUAL INSURANCE LIMITEDDirectors and Management2Strategic Report3Directors’ Report7Statement of Directors’ Responsibilities10Notice of Meeting11Independent auditors’ report to the membersof TT Club Mutual Insurance Limited12Statement of Income and Retained Earningsfor the year ended 31 December 201917Statement of Financial Positionas at 31 December 201919Notes to the Financial Statements211
Directors &ManagementCHAIRMANU Kranich 3, 4HamburgDEPUTY CHAIRMANJ KüttelErmewa, ParisDIRECTORSU Baum 1, 2Röhlig Logistics GmbH & Co KG,BremenJ Chowdhury Through Transport Mutual Services (UK)Ltd, LondonC Fenton Through Transport Mutual Services (UK)Ltd, LondonM Onslow 2Specialist Director – InsuranceD Robinson MBE 1, 2PD Ports, MiddlesbroughN SmedegaardDFDS, CopenhagenRegistered Office90 Fenchurch StreetLondonEC3M 4STCompany Registration Number2657093Managers and Company SecretaryThrough Transport Mutual Services (UK)Ltd, LondonTelephone 44 (0) 20 7204 2626Telefax 44 (0) 20 7204 2727Independent AuditorsTT Club Mutual Insurance Limited ricewaterhouseCoopers LLPPChartered Accountants andStatutory Auditors7 More London RiversideLondonSE1 2RT1TT Bermuda Audit & Risk Committee member2TT Club Mutual Insurance Limited (“TTI”) Audit & Risk Committee member3Investment Committee member4Nominations Committee member2
Strategic ReportTTI’s business strategy isto provide superior insuranceproducts and claims handlingto its policyholder Membersat a competitive price, whilstmaintaining excellent financialsecurity over the long term.Business reviewThis report is addressed to, andwritten for, the Members of TT ClubMutual Insurance Limited (“TTI”). TheDirectors wish to draw attention to anumber of financial and environmentaluncertainties, including but not limitedto the premium rating environment, therate of claims inflation, cost inflation,foreign exchange movements andeconomic growth. This means that theactual results in the future may varyconsiderably from both historic andprojected outcomes contained withinany ‘forward-looking statements’.TTI operates in the UK and the USand through branches in Singapore,Hong Kong and Australia.Strategy and valuesTTI’s business is the provision ofliability and asset insurances andrelated risk management services tothe international transport and logisticsindustry. TTI is a mutual company,limited by guarantee. It is a subsidiaryof Through Transport Mutual InsuranceAssociation Limited (“TT Bermuda”),a mutual insurance company basedin Bermuda. The two companieshave separate corporate governancearrangements but operate as a singlebusiness.TTI has entered into a 90% quota sharereinsurance contract with TT Bermuda.The reinsurance contract also includesa stop loss element to protect TTI froman excess accumulation of claims withinits 10% retention.TTI’s business strategy is to providesuperior insurance products and claimshandling to its policyholder Members ata competitive price, whilst maintainingexcellent financial security over the longterm. Insurance is very much a cyclicalbusiness, with premium rates fluctuatingin accordance with the supply of capitalin the market and with the investmentreturns available to the owners of thatcapital. TTI maintains a conservativeinvestment strategy.TTI’s executive function, including thatrelating to investment management,is performed by companies within theThomas Miller Holdings Limited groupof companies.Financial performance, capitalstrength and solvencyTTI’s underwriting performance in 2019was satisfactory. The technical result,after allowing for the attribution ofinvestment return on the claims reserves,was a surplus of US 2.6 million (2018:surplus of US 1.9 million). The overallsurplus after tax was US 4.0 million(2018: deficit of US 0.9 million).The principal Key PerformanceIndicators (“KPIs”) by which performanceis monitored by the Board are set out inthe charts below. The position is shownas at the end of 2019 and 2018.20192018AM Best ratingA- (Excellent)A- (Excellent)Surplus and reservesUS 66.9mUS 62.8mTechnical result (after attribution ofinvestment return) (see note below)US 2.6mUS 1.9mInvestment return/(loss) (incl. exchangegains/losses, after attribution of investmentreturn to technical account)US 1.4mUS (2.7)mSurplus/(deficit) for the yearUS 4.0mUS (0.9)mThe technical result is after the exceptional costs in relation to a significant IT projectas well as a one-off pension cost (see note 8) and a non-recurring realised gain ofUS 2.9 million on a business transfer.TT Club Mutual Insurance Limited3
Strategic Report(continued)TTI’s financial strategy, approved bythe Board, is to maintain within thebusiness sufficient capital to meetregulatory requirements, and to maintainan AM Best rating of A- (Excellent)over the insurance market cycle, witha substantial margin in each case.The Directors are satisfied that bothelements of this strategy have beenmaintained throughout 2019.Principal Risks and UncertaintiesAll principal risks and uncertaintieshave been assessed by managementand details of these can be found in theDirectors’ Report.BrexitTTI is in the process of establishing alicenced insurance subsidiary in theNetherlands through which it will writeEuropean Economic Area (“EEA”)business and administer all EEA Memberpolicies. It is intended that this subsidiarywill be in place and licensed in the latterhalf of 2020 and the application processcontinues to be on track to achieve this.It is anticipated that all non-UK EEApolicies, including those written beforethe end of the transition period, willtransfer to the new subsidiary at the endof 2020, or shortly thereafter. This isrequired by EU regulators and will takeplace after the completion of a courtapproval process in the UK. The processwill be transparent to EEA Memberswho will continue to benefit from thestrength of the Club’s solvency and clientservices provided from London. This isintended to be the permanent solutionfor TTI when the UK leaves the EU. Inwhat now appears to be a very unlikelyscenario, the TTI Board has decidedthat in the event of the UK leaving theEU with no deal and before TTI hasits own subsidiary in place, TTI will befronted by UK P&I Club N.V. (“UKNV”),a business also managed by ThomasMiller and established for this purposein the Netherlands. Under these plansthe TTI’s EEA based business would berenewed into UKNV and reinsured toTTI. This would be a temporary solutionand TTI will not use this option unless itis absolutely necessary to avoid incurringunnecessary expenditure.TT Club Mutual Insurance LimitedCorporate and socialThe Directors are of the opinion thatthe environmental impact of TTI’sactivities is low, due to the small size andthe nature of its business. There aretherefore currently no KPIs relating toenvironmental matters. The business ishowever conscious of its environmentalresponsibility, and continues to investin electronic claims handling andunderwriting systems designed toincrease efficiency and reduce relianceon paper-based records. It is alsoinvesting in website technology in orderto facilitate electronic distribution of itsproducts and information to Members,brokers, suppliers and third parties.The Directors are in the process ofdeveloping an Environmental, Social andGovernance policy for TTI as well asimplementing TTI’s Climate Change planwhich was approved in 2019.As TTI has outsourced all of itsmanagement activities to independentprofessional managers there are noemployee matters to report.Charitable donationsDuring the year there were no charitabledonations (2018: nil).Directors’ duty to promote thesuccess of the companyThe Directors are fully aware of theirresponsibility to promote the success ofthe company in accordance with s172of the Companies Act and have acted inaccordance with these responsibilitiesduring the year.The Club’s Business Plan approved bythe Board in November 2019 states:“The TT Club’s mission is “To make theglobal transport and logistics industrysafer and more secure”.To achieve this mission, the Clubwill be positioned as the preferredindependent mutual specialist providerof insurance products and related riskmanagement services to the industry.4
Strategic Report(continued)Directors’ duty to promote thesuccess of the company (continued)A significant element of the valuethe Club provides to its Members isderived from the depth of expertisewithin the organisation. In dischargingthe mission, the Club will thereforeuse its specialist knowledge to assistMembers byy creating best in class insurancesolutionsy making the complex simpley delivering an unparalleled customerexperience for Members and theirbrokers.”Other than its Members who are boththe mutual policyholders and owners ofthe Club, the Club’s key stakeholdersare its brokers, reinsurers, Managers(Thomas Miller) and Network Partners(who provide claims handling servicesto supplement those provided by itsManagers).The delivery of the Club’s mission iscore to maintaining the success of thecompany. The Board has a strategicobjective of maintaining the Club’sfinancially stable platform, from whichto provide risk management and lossprevention services to the industry.This continues to be achieved and issupported by the affirmation of theClub’s A- (Excellent) financial strengthrating by A M Best in 2019.As part of its review of the Club’sBusiness Plan, the Board modifiedthe TT Club’s core mission to makethe industry “safer and more secure”during 2019. The Board also receivedreports at its meetings on the Club’s lossprevention activities which benefit theMembers, providing input and directionon key initiatives.TT Club Mutual Insurance LimitedThe Board has continued to ownthe Brave New World work that itcommissioned as part of the 50th yearcelebrations. It engaged McKinseyin a further workshop on industrydevelopments, whilst the Managers ran aseries of workshops on the material withMembers and industry groupings aroundthe world.Following on from the work withMcKinsey the Club has made sometechnology investments during 2019including the use of robotics to improvethe efficiency of certain underwritingprocesses and also the creation of anew platform for Members and theirbrokers to access premium and claimsinformation. The Club has also started amajor project to replace the Club’s policyand claims administration system.The Board has encouraged thedevelopment of the Cargo Integritycampaign, including particular focuson the worrying issue during 2019 ofcontainer ship fires. In this, the Clubhas engaged extensively with UNorganisations, governments and industryassociations to identify steps thatcan be taken to improve safety and topromote good operational practices. TheClub is widely seen as a leader in suchcollaborative initiatives.The Club continues to utilise data itcollects, particularly in relation to claims,to assist its Members, as well as otherindustry stakeholders, in developinggood operational practices, includingembracing emerging technologies ina robust and considered manner. TheClub utilises the data to interact with itsmembership to improve individual riskprofiles and with the broader industrythrough frequent publications andconference presentations.5
Strategic Report(continued)Directors duty to promote thesuccess of the company (continued)The Club has strong relationships withits brokers and reinsurer and through itsManagers the Club maintains contactand high level engagement with thesenior management of its key brokersand reinsurers. The Board receivedupdates on the Club’s key brokerand reinsurer relationships during2019. At the end of 2019 the Club’sgeneral reinsurance programme wassuccessfully renewed for 2020.During 2019 the Club’s managers rana three day Network Partner conferencein London. Representatives fromfifteen (out of a total of sixteen) of theClub’s Network Partner’s attendedand received updates on the Club’sdevelopments and participated inworkshops.By approval of the Board.Through Transport Mutual Services(UK) LtdCompany Secretary22 April 2020TT Club Mutual Insurance Limited6
Directors’ ReportThe Directors present herewiththeir Annual Report and the auditedfinancial statements of TT ClubMutual Insurance Limited (“TTI”) forthe year ended 31 December 2019.Directors and OfficersThe names of the Directors of TTI whoserved during the year are shown onpage 2. All the Directors retiring at theAnnual General Meeting and seekingre-election were re-elected.There were no qualifying third partyindemnity provisions in force for thebenefit of one or more of the Directors’at any time during the financial year, orat the time when the annual report wasapproved.Meetings of the DirectorsThe Board of TTI met formally on sixoccasions during 2019, with its mainfocus being to direct the operationsof underwriting, sales, the externalreinsurance programme, service, claimsmanagement including reserving,information technology and generaladministration. The Board also monitoredperformance against budget.The Board is assisted by TTI’s Audit &Risk Committee and by the Nominationsand Investment Committees of bothTTI and its parent company, ThroughTransport Mutual Insurance AssociationLimited (“the Group”). The Boardis appraised as to the main issuesdiscussed and all minutes of meetingsof the committees are distributed tothe Board.TTI’s Audit & Risk Committee assiststhe Board in discharging itsresponsibilities for the integrity of thefinancial statements, the assessmentof the effectiveness of the systems ofinternal control and risk management,TT Club Mutual Insurance Limitedmonitoring the effectiveness andobjectivity of the internal and externalauditors and compliance with regulatoryrequirements in relevant jurisdictions.The Audit & Risk Committee met on fiveoccasions during 2019.Risks and risk managementThe Board has adopted the Group riskmanagement policy which is designedto protect TTI from occurrences thathinder sustainable achievement of ourobjectives and financial performanceand to ensure that TTI complieswith regulatory requirements in thejurisdictions in which it operates.The following key principles outline TTI’sapproach to risk management:y The Board is responsible for riskmanagement and internal control;y The Board is responsible for ensuringthat a framework exists which setsout risk appetite, risk managementand control and business conductstandards; andy The Board is responsible for ensuringthat the Managers implement andmaintain a sound system of internalcontrol.All types of risk facing the businessare analysed and each one is ratedaccording to its severity (impact on thebusiness) and probability of occurrence,adjusted for any mitigation measuresthat have been implemented. Theresidual risks are prioritised with themost highly rated items being consideredas fundamental risks. Each fundamentalrisk is monitored and managed by amember of the executive management.All risks identified are summarised,categorised and prioritised in a RiskLog which is reviewed and approved bythe Board, at least annually and morefrequently if required.7
Directors’ Report(continued)Risks and risk management(continued)The principal risks and uncertaintiesfaced by the business are summarisedas follows:Insurance riskInsurance risk is the potential adversefinancial impact on TTI as a result of:y Inaccurate pricing of risk whenunderwritten;y Inadequate reinsurance protection;y Fluctuations in the timing, frequencyand severity of claims and claimssettlements relative to expectations;andy Inadequate claims reserves.Insurance risk is mitigated by means of:y Prior approval of all quotations by aminimum of two senior underwritersy Underwriters’ authority levels basedon experience and competencey Technical underwriting and claims filereviews by managementy Key performance indicators and keyrisk indicators relating to underwritingand claims functionsOperational riskOperational risk arises from inadequatelycontrolled internal processes or systems,human error and from external events.Operational risks include, for example,risks arising from outsourcing, conduct,information technology, informationsecurity, project management, humanresources, taxation, legal, fraud andcompliance.TTI’s IT systems are establishedand stable; any development followsstandard project methodologies.Appropriate operational policies andprocedures covering all aspects ofthe business have been embeddedthrough the organisation. Managementinformation supports the controlframework and is subject to ongoingvalidation and enhancement to ensurethat it is appropriate to businessrequirements.The Directors have assessed themitigation and control environmentrelating to each of the above mentionedtypes of risk and have made anassessment of the capital required tomeet the residual risks faced by thebusiness.y Actuarial, management and Boardreview of claims reserves (every fourmonths)y Management review of reinsuranceadequacy and securityFinancial risksFinancial risks consist of:y Market risky Currency risky Credit risky Liquidity and cash flow riskInformation on the use of financialinstruments by TTI and its managementof financial risks is disclosed in Note 4to the financial statements.TT Club Mutual Insurance Limited8
Directors’ Report(continued)Future DevelopmentsThe Board will maintain the currentstrategy for the business in future yearsand anticipates future performance, ina competitive marketplace, to be in linewith the previous year.Foreign BranchesTT Club Mutual Insurance Limitedoperates branches in Singapore, HongKong, and Australia.Distribution to membersThere was no distribution made tomembers in the year.Statement of disclosure ofinformation to auditorsEach of the persons who are a Directorat the date of this report confirms that:1) So far as each of them is aware, thereis no information relevant to the auditof TTI’s financial statements for theyear ended 31 December 2019 ofwhich the auditors are unaware; and2) The Director has taken all steps thathe/she ought to have taken in his/herduty as a Director in order to makehim/herself aware of any relevantaudit information and to establishthat TTI’s auditors are aware of thatinformation.PricewaterhouseCoopers LLP haveindicated their willingness to continuein office and a resolution that they bere-appointed will be proposed at theannual general meeting.claims activity. Taking into considerationcurrent laws and regulations, it is notexpected that future claims activity willmaterially impact the Club’s liquidity orsolvency position. Premium volumesin certain classes will be impacted,however again, it is not expected thatthis will materially impact the Club’sliquidity or solvency position. Covid-19will likely have a short term impact oninvestment valuations due to increasedvolatility of the financial markets. TheClub’s investments mainly consist ofUS government bonds and there are noequity holdings, as a result, to date therehas not been a material impact on theClub’s financial position and solvency.The Club’s managers, Thomas Miller,have put in place remote working forall its offices serving the Club. Thistransition to remote working has gonesmoothly with the Club maintaining itsvery high standards of service thoughoutthe organisation. The impact of Covid-19on the Club’s operations and its financialposition continues to be monitored veryclosely by the Club’s Board andits managers.During periods of uncertainty likeCovid-19 the Club increases thefrequency of monitoring its capital andliquidity positions. The Club also carriesout stress and scenario testing, and hasrun quantitative and qualitative scenariosto better understand the impacts ofCovid-19 on the wider business as wellas market, liquidity, operational, andcapital risks.Other than Covid-19 there have beenno post balance sheet events.By approval of the Board.Post Balance Sheet EventsThe Directors have carried out an initialassessment of the impact of Covid-19on the Club, which is a non-adjustingpost balance sheet event. At this stagethe Club has experienced low levels ofTT Club Mutual Insurance LimitedThrough Transport Mutual Services(UK) LtdCompany Secretary22 April 20209
Statementof Directors’ResponsibilitiesThe directors are responsible forpreparing the Strategic Report,Directors’ Report and the financialstatements in accordance withapplicable law and regulations.Company law requires the directorsto prepare financial statements foreach financial year. Under that lawthe directors have prepared thefinancial statements in accordance withapplicable law and United KingdomAccounting Standards (United KingdomGenerally Accepted AccountingPractice), including Financial ReportingStandard 102 The Financial ReportingStandard Applicable in the UK andRepublic of Ireland (FRS 102). Undercompany law the directors must notapprove the financial statements unlessthey are satisfied that they give a trueand fair view of the state of affairs of thecompany and of the profit or loss of thecompany for that period. In preparingthese financial statements, the directorsare required to:The directors are responsible forkeeping adequate accounting recordsthat are sufficient to show and explainthe company’s transactions and disclosewith reasonable accuracy at any time thefinancial position of the company andenable them to ensure that the financialstatements comply with the CompaniesAct 2006. They are also responsible forsafeguarding the assets of the companyand hence for taking reasonable stepsfor the prevention and detection of fraudand other irregularities.The directors are responsible forthe maintenance and integrity of thecompany’s website, www.ttclub.com.Legislation in the United Kingdomgoverning the preparation anddissemination of financial statementsmay differ from legislation in otherjurisdictions.By approval of the Board.y select suitable accounting policiesand then apply them consistently;y make judgements and accountingestimates that are reasonable andprudent;y state whether applicable UKAccounting Standards have beenfollowed, subject to any materialdepartures disclosed and explained inthe financial statements; andThrough Transport Mutual Services(UK) LtdCompany Secretary22 April 2020y prepare the financial statements onthe going concern basis unless it isinappropriate to presume that thecompany will continue in business.TT Club Mutual Insurance Limited10
Notice of MeetingNotice is hereby given that the twentyninth Annual General Meeting of theMembers of the Club will be held atthe Canon’s Court, 22 Victoria Street,Hamilton, Bermuda on the twenty-fifthday of June 2020 at 9.55 am for thefollowing purposes:y To receive the Directors’ report andfinancial statements for the yearended 31 December 2019 and toadopt them.y To elect Directors.TT Club Mutual Insurance Limitedy To appoint auditors and to authorisethe Directors to fix their remuneration.y To transact any other business of aGeneral Meeting.By approval of the Board.Through Transport Mutual Services(UK) LtdCompany Secretary22 April 202011
Independent auditors’ report to the members ofTT Club Mutual Insurance LimitedReport on the audit of the financial statementsOpinionIn our opinion, TT Club Mutual InsuranceLimited’s financial statements:y give a true and fair view of the stateof the company’s affairs as at31 December 2019 and of its surplusfor the year then ended;y have been properly prepared inaccordance with United KingdomGenerally Accepted AccountingPractice (United Kingdom AccountingStandards, comprising FRS 102“The Financial Reporting Standardapplicable in the UK and Republic ofIreland”, and applicable law); andy have been prepared in accordancewith the requirements of theCompanies Act 2006.We have audited the financialstatements, included within the AnnualReport and Financial Statements (the“Annual Report”), which comprise: theStatement of Financial Position as at31 December 2019; the Statement ofIncome and Retained Earnings for theyear then ended; and the notes to thefinancial statements, which include adescription of the significant accountingpolicies.Our opinion is consistent with ourreporting to the Audit and RiskCommittee.Basis for opinionWe conducted our audit in accordancewith International Standards on Auditing(UK) (“ISAs (UK)”) and applicablelaw. Our responsibilities under ISAs(UK) are further described in theAuditors’ responsibilities for the auditof the financial statements section ofour report. We believe that the auditevidence we have obtained is sufficientand appropriate to provide a basis for ouropinion.IndependenceWe remained independent of thecompany in accordance with the ethicalrequirements that are relevant to ouraudit of the financial statements in theUK, which includes the FRC’s EthicalTT Club Mutual Insurance LimitedStandard, as applicable to public interestentities, and we have fulfilled our otherethical responsibilities in accordancewith these requirements.To the best of our knowledge and belief,we declare that non-audit servicesprohibited by the FRC’s Ethical Standardwere not provided to the company.Other than those disclosed in note 8 to thefinancial statements, we have provided nonon-audit services to the company in theperiod from 1 January 2019 to31 December 2019.Our audit approachOverviewMaterialityy Overall materiality: 3,344,700(2018: 3,000,000), based on 5%of Surplus and Reserves.Audit scopey We performed audit proceduresover material balances/transactions.Our scope focused on testingover the company’s UK andEuropean operations; however, wealso performed full scope auditprocedures over the company’sbranches in Singapore, Hong Kongand Australia.Key audit mattersy Reserving methodology andsubjectivity in key reservingassumptions; andy COVID-19 outbreak - subsequentevent considerations.The scope of our auditAs part of designing our audit, wedetermined materiality and assessedthe risks of material misstatement inthe financial statements. In particular,we looked at where the directors madesubjective judgements, for examplein respect of significant accountingestimates that involved makingassumptions and considering futureevents that are inherently uncertain.Capability of the audit in detectingirregularities, including fraudBased on our understanding of thecompany and industry, we identified thatthe principal risks of non-compliancewith laws and regulations related tobreaches of regulatory principles, suchas those governed by the PrudentialRegulatory Authority and the FinancialConduct Authority, and we consideredthe extent to which non-compliancemight have a material effect on thefinancial statements. We also consideredthose laws and regulations that havea direct impact on the preparationof the financial statements such asthe Companies Act 2006, UK taxlegislation, and Prudential RegulationAuthority’s regulations applicable toinsurance companies. We evaluatedmanagement’s incentives andopportunities for fraudulent manipulationof the financial statements (includingthe risk of override of controls), anddetermined that the principal riskswere related to posting inappropriatejournal entries to manipulate revenues,claims and/or expenditures of thecompany, and management bias inaccounting estimates and judgementalareas of the financial statements suchas the reserving methodology andsubjectivity in key reserving assumptions.Audit procedures performed by theengagement team included:y Discussions with the Audit and RiskCommittee, management, internalaudit, and senior managementinvolved in the Risk and Compliancefunctions, including considerationof known or suspected instancesof non-compliance with laws andregulation and fraud;y Assessment of matters reported onthe company’s whistleblowing registerand the results of management’sinvestigation of such matters;y Reading key correspondence with thePrudential Regulation Authority andthe Financial Conduct Authority inrelation to compliance with laws andregulations;y Reading relevant board meeting andAudit and Risk Committee meetingminutes;12
Independent auditors’ report to the members ofTT Club Mutual Insurance LimitedReport on the audit of the financial statements (continued)y Reading the company’s internal auditreports, compliance reports in so faras they related to non-compliancewith laws and regulations and fraud;y Testing the valuation of theoutstanding claims reserve asdescribed in the related key auditmatter below;y Identifying and testing journal entrieswith unusual characteristics, suchas journals with unusual accountcombinations, journals posted onbehalf of senior management,and journals that appear to beinappropriately duplicated orreversed; andy Tests which incorporated elementsof unpredictability.There are inherent limitations in theaudit procedures described above andthe further removed non-compliancewith laws and regulations is from theevents and transactions reflected in thefinancial statements, the less likely wewould become aware of it. Also, the riskof not detecting a material misstatementdue to fraud is higher than the riskof not detecting one resulting fromerror, as fraud may involve deliberateconcealment by, for example, forgeryor intentional misrepresentations, orthrough collusion.Key audit mattersKey audit matters are those mattersthat, in the auditors’ professionaljudgement, were of most significancein the audit of the financial statementsof the current period and include themost significant assessed risks ofmaterial misstatement (whether ornot due to fraud) identified by theauditors, including those which hadthe greatest effect on: the overall auditstrategy; the allocation of resources inthe audit; and directing the efforts ofthe engagement team. These matters,and any comments we make on theresults of our procedures thereon, wereaddressed in the context of our auditof the financial statements as a whole,and in f
TT Club Mutual Insurance Limited 1 Contents Directors and Management 2 Strategic Report 3 Directors' Report 7 Statement of Directors' Responsibilities 10 Notice of Meeting 11 Independent auditors' report to the members of TT Club Mutual Insurance Limited 12 Statement of Income and Retained Earnings for the year ended 31 December 2019 17
