• Free Reserves increased 16% year-on-year
• Total premiums exceeding forecast
• Total profit of USD 14 million
• Combined Ratio of 97%, (98% year-on-year)
• Investment returns of 3% (6% annualised)
• Internal operating expenses of 20% and within budget
Gothenburg, Sweden, 13 August 2024 – The Swedish Club has announced a positive first half of the year, with an insurance and investment portfolio that continues to reinforce the organisation’s financial strength.
Encouraging developments during the first half of the year, in terms of insurance results and investment contributions, have delivered a significant uplift to the Club’s free reserves. They now stand at USD 198 million, up 16% from USD 166 million year-on-year.
The positive results are underpinned by solid performance from the Club’s underwriting activities alongside valuable contributions from investments. The results are partly attributed to the enhanced focus on risk and portfolio management, together with structured efforts to boost operational efficiency across all parts of the Club’s global organisation. These activities, which are aimed at reinforcing the financial rigidity of the Club and furthering the Club’s value proposition, are well on track.
Thomas Nordberg, Managing Director of The Swedish Club, said: “There is a lot going on in geopolitics that we cannot control, so we have focused on aspects that we can control. Despite the uncertain nature of the backdrop to the world economy faced by our members, things are certainly looking positive for the Club, and we continue to move in the right direction. We are seeing some solid figures as we continue to grow in a controlled manner to restore our financial strength.
“Throughout this journey we have benefitted a lot from our Board’s and members’ strong support and long-term partnership, for which we are most grateful. We aim to continue to use our expertise to embrace the changes we face and be agile to overcome future challenges,” he added.
The Swedish Club has also continued to expand its regional presence; the London office commenced its underwriting activities in 2023, and now insures close to 800 vessels.
