The Swedish Club demonstrated a solid performance in the first six months of the accounting year with the announcement of its half-year results recently. With balanced underwriting, the Club delivered an operating surplus of USD 11.2 million, resulting in a combined ratio of 100% – an outcome of stable claims frequency and severity. This fortified the Club’s average over a seven year period to below 100%.
Investment returns encountered substantial volatility during the period, particularly in the first quarter of the year and in connection with the Brexit outcome, but delivered a return of 3.0%.
Free reserves stood at USD 194.2 million, reinforcing the strong position of the Club in its ability to meet members’ needs while securely allowing for further growth of the business.
Entered tonnage in P&I has been stable-to-growing since renewal in line with plan. The Club’s overall claims frequency for both P&I and Marine was on a par with 2015 levels and claims severity was stable, delivering a sound performance.
Lars Rhodin, Managing Director of The Swedish Club said: “The Swedish Club has maintained its focus on achieving a balanced underwriting performance and steering a steady course. We have continued to concentrate on controlled growth, service to our members and innovative loss prevention initiatives.”
Please visit: http://www.swedishclub.com/about-the-club/finance/half-year-report/ for a copy of the half-year report.
Selected Highlights:
- Continued solid financial position
- Free reserves at USD 194 million record level
- Half year result produced a surplus of USD 11.2 million
- Stable claims frequency and severity delivered a combined ratio of 100%
- Volatile investment returns generated 3% across the portfolio
- Recognition is given for the Club’s loss prevention efforts
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Source: The Swedish Club
