The Swedish Club Reports Solid Performance
Posted by Michelle Howard
August 18, 2016
Photo: The Swedish Club
The Swedish Club demonstrated a solid performance in the first six months of the accounting year with the announcement of its half-year results today. With balanced underwriting, the Club delivered an operating surplus of $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 $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.”
