The Club delivered an operating surplus of $11.2 mill, 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%, it said.
Investment returns suffered from 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%.
Free reserves stood at $194.2 mill at the end of 1H16, reinforcing its strong position and its ability to meet members’ needs while securely allowing for further growth of the business, the Club claimed.
Entered tonnage in P&I has been stable-to-growing since the February renewal in line with the plan. The Club’s overall claims frequency for both P&I and marine was on a par with 2015 levels and claims severity was said to be stable.
Lars Rhodin, The Swedish Club managing director, 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.”