The Club has reported its financial results for the six months ended 30 June 2018.
We anticipated a continuation of difficult trading conditions for many of our Members, along with an ongoing competitive insurance environment. In support of our Members, and in recognition of a very strong result in 2017, we did not apply a general increase to premiums and therefore, as envisaged, the Club reports a combined ratio in excess of 100%, at 106.4% for the first half of 2018.
After a very strong investment performance in 2017, a more challenging investment environment in the first half of 2018 resulted in an investment loss of US$ 13.7m, taking free reserves to US$ 321.6m.
Priority must be to thank our Members and their brokers for their loyalty and support, as they recognise the benefits of our consistent service offering, illustrated by high Member retention and increased organic growth.
We look ahead with optimism and with a continued focus on maintaining and growing our key strengths of service and premium stability to our Members.