The Swedish Club has reported a $17m surplus in the first six months of the year despite rising claims.
The increased return allowed the club to increase its free reserves from $209.6m to $220.7m.
By comparison the Gothenburg-based protection and indemnity and marine insurance mutual made only $0.2m profit in the same period last year.
This year’s half-term result was helped by a healthy 6.3% investment return.
The positive investment return helped to counter an increase in the number of claims from other P&I mutuals which were placed under the International Group of Protection and Indemnity clubs' pooling system.
Overall the Swedish Club reported an underwriting loss with a combined ratio of 108%. The figure represents the underwriting balance between premium income and claims costs which in this case were negative.
In the same period last year it posted a positive combined ratio of 96%.
Standard & Poor’s Global Ratings has maintained its A- with stable outlook insurer financial strength rating for the club.
Swedish Club managing director Lars Rhodin was positive about the result. He said: “The Club continues to grow according to plan with a half-year result of $17m. The combined ratio of 108% was affected by International Group Pool claims.
"However, on a ten year average, the combined ratio remains below 100%. Free reserves continue to be on a high level at $221m, enabling further business growth.”
