EXAMPLE PAGE - ANNUAL REPORT - THE SWEDISH CLUB - Flipbook - Sida 46
FINANCIAL STATEMENTS
Board of
Directors’ Report
The Board and the Managing Director of The Swedish Club (Sveriges Ångfartygs
Assurans Förening) hereby present their annual report for the year 2021, its 149th
year of operation.
Principal activities and
structure
Significant events during
the year
The Swedish Club (also referred to in this
report as ‘the Club’) is a marine mutual
insurer, headquartered in Gothenburg
(Sweden), with service offices in Piraeus
(Greece) and branch offices in Hong Kong
(China), London (UK), and Oslo (Norway).
The Club also has a subsidiary in Hong
Kong. The Swedish Club is both owned
and directly controlled by its members.
There was good growth for the Club's
insurance activities during the year and
good results from investments. The
Club’s financial position weakened
somewhat during the year but the
solvency requirements as per
Solvency II continued to be met with a
good margin. During 2021, there was a
high number of marine insurance
claims, which were also costly,
throughout the world. The COVID-19
The Club's activities concern marine
insurance, in the following classes of non- pandemic also continued to impact the
shipping segment. The Club has
life insurance: Ship (Marine & Energy),
negotiated cost-efficient and riskShip liability (Protection and Indemnity,
limited reinsurance protection for 2022.
P&I) and Defence (Freight Demurrage &
Defence, FD&D). The Club also
Financial overview
undertakes accepted reinsurance.
In accordance with the Swedish Annual
Accounts Act, the Club’s subsidiary in
Hong Kong has not been consolidated as
it is of lesser importance with regard to
true and fair view requirements.
46
The following is a brief commentary on
the income statement and balance sheet.
For more detailed information, please see
the Notes and Performance analysis per
insurance class.
THE SWEDISH CLUB ANNUAL REPORT 2021
Result for the period
For 2021, the result before appropriations
and tax was USD -34.3 (3.0) million.
The relationship between the result
expressed in USD and SEK is shown in
the table below as a change in free
reserves:
Free reserves
USD M USD/SEK
31 December 2020
231.4
8.1886 1,895.1
-34.3
-112.3
Tax expense for the year -0.6
-5.8
SEK M
Profit/loss
before tax 2021
31 December 2021
196.5
9.0437 1,777.0
Insurance activities
Gross premiums written in 2021
amounted to USD 201 (179) million.