The Swedish Club has reported a bottom-line profit of $16m for the first half of the year and an underwriting surplus.

The profits have helped raise its free reserves to $166m, compared to $150m at the end of 2022.

The Swedish Club’s combined ratio, which reflects its pure underwriting performance, was a profitable 98%.

At the end of 2022, its underwriting was marginally in the red with a combined ratio of 102%.

“We have achieved this as a result of continued strong loyalty from our members and brokers and a programme of structured and systematic efforts to enhance the quality of the insured fleet,” said Swedish Club managing director Thomas Nordberg.

The Swedish Club also introduced a 10% general increase for P&I members at last February’s renewal which helped balance the books.

“The club will maintain these efforts through the course of the year to continue this momentum and positively impact the overall insurance results and the portfolio profile going forward,” Nordberg added.

The Swedish Club is both a mutual P&I insurer and a provider of commercial hull and machinery and other marine insurance lines.

Its P&I entered fleet amounts to 2,280 ships of 39m gt while it is involved in the hull and machinery cover of 5,538 ships of 53m gt.