Protection & Indemnity 2016

The Swedish Club | www.swedishclub.com

Highlights

P&I Class Highlights

  • Owned tonnage increased by 5.1%
  • Premiums increased by 4.2%
  • Gross paid claims reduced by 37% but net paid claims increased by 188%
  • Net incurred claims reduced by 1.7%
  • USD 9.8 million underwriting surplus
  • Investment loss of -1.6%
  • Overall P&I surplus of almost USD 6 million

Combined Group Highlights

  • Net assets increased by 1.2%
  • Free reserves reduced by 1.7% to USD 183.1 million

N.B. The Swedish Club's published report and accounts do not include an allocation of assets and free reserves between their P&I and Hull and Machinery (H&M) classes. As a consequence we have not included a graph of the club's (combined Group) balance sheet. The figures mentioned in the graphs opposite are P&I only figures, as reported on a calendar financial year basis, except the investment result, which is provided in the club's unaudited accounts for the 20 February 2015/16 policy year.

Consolidated Financial Year Summary (USD 000s)

P&I only results 2013/14 2014/15 2015/16
Income and Expenditure
Calls and Premiums 98,868 105,727 110,112
Reinsurance Premiums -31,793 -27,059 -26,983
Operating Expenses -15,713 -15,250 -14,654
Operating Income 51,362 63,418 68,475
Gross Paid Claims 120,298 178,937 113,131
Net Paid Claims 94,158 18,370 52,910
Net Change in Provision for Claims -34,004 41,320 5,744
Net Incurred Claims 60,154 59,690 58,654
Technical Surplus (Deficit) -8,792 3,728 9,821
Investment Income 2,900 3,100 -3,848
Overall Surplus for Year (Deficit) -5,892 6,828 5,973
       
Balance Sheet (Group Results)
Net Assets 334.7 406.0 410.9
Net Outstanding Claims 166.7 219.7 227.8
Free Reserves 168.0 186.3 183.1
       
Entered tonnage (GT) in millions 2014 2015 2016
Owned / Mutual 37.7 41.4 43.5
Chartered / Fixed 17.4 21.7 21.7
Total 55.1 63.1 65.2
       
S&P Rating History 2014 2015 2016
  BBB+ BBB+ BBB+
       
Average Expense Ratio (AER) 2013/14 2014/15 2015/16
Five years ending 20 February 12.1 13.0 13.3