The Swedish Club reported a profit of US$34 million for the 2024 financial year, with free reserves rising to US$217 million, up from US$184 million in 2023.
The increase was attributed in part to strong investment returns, supported by positive movements in equity markets and higher interest rates.
Underwriting performance showed improvement, with a combined ratio of 98% across all insurance classes.
The Club also implemented a 5% general premium increase in line with board approval. Member retention remained at 97%, indicating continued policyholder engagement during the year.
The Club’s overall financial position strengthened during 2024. Improved solvency levels were supported by capital management measures and an investment portfolio that contributed to greater resilience and liquidity.
Managing director Thomas Nordberg noted the Club’s established presence in key global shipping markets and ongoing member engagement.
Looking ahead, the Club said that it plans to continue investing in capabilities aimed at improving its agility and risk management.
For 2023, The Swedish Club reported a balanced underwriting result with a combined ratio of 102%. The Club achieved an overall profit of US$30 million and increased its free reserves by US$34 million, from US$150 million.
The previous financial year also saw the board setting a general increase of 7.5%, aligning protection & indemnity (P&I) renewals with the Club's pricing and retention objectives.
In November, The Swedish Club is part of a group of marine mutuals that implemented rate hikes for 2025 in response to increased claims costs and inflationary pressures, which the industry says reflects the challenges of maintaining financial stability in a volatile environment.
Speaking on the hikes, the Club reported a stable mutual P&I portfolio despite a slight overall tonnage decline, with net positive tonnage inflow in the first half of the year.
While claim frequency remains consistent, the Club noted an uptick in large claims, particularly those pooled within the International Group of P&I Clubs. It also cited inflationary pressures driving attritional claims beyond budgeted levels.
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