EXAMPLE PAGE - ANNUAL REPORT - THE SWEDISH CLUB - Flipbook - Sida 47
FINANCIAL STATEMENTS
Following the deduction of outgoing
reinsurance premiums totalling USD 44
(39) million, premiums written amounted
to USD 157 (139) million. Earned
premiums, net of reinsurance, amounted
to USD 150 (135) million.
A portion of the investment income is
ordinarily reallocated to insurance
activities. The amount is based on the
United States 1-year bond yield. The
transferred investment income amounted
to USD 0 (2.8) million, see Note 4.
Claims incurred, net of reinsurance,
amounted to USD 158 (136) million.
Changes in other technical provisions
amounted to USD -5.6 (-2.2) million. The
total costs for net claims incurred
correspond to 109 (103)% of earned
premiums, net of reinsurance.
During the year, there were 48 claims
reported (whereof 11 from the IG pool
system) in excess of USD 0.5 million. In
2020, there were 37 such claims (whereof
11 from the IG pool system). For 9 (7) of
in 2020. Claims incurred, net of
reinsurance, increased from USD 84
million in 2020 to USD 99 million in 2021.
The loss ratio for the year was 138
(126)%.
the claims (whereof 1 and 0 respectively
from the IG pool system), the cost before
reinsurers' share amounted to more than
USD 2 million.
Operating expenses for insurance activities
amounted to USD 31 (27) million. In
relation to earned premiums, net of
reinsurance, this corresponds to 20 (20)%.
The balance on the technical account
amounted to USD -44 (-28) million.
The combined ratio was 129 (123)%. The
increase in claims reflects an historically
high claims outcome for both the Club
and the entire sector. The outcome is
higher than the long-term trend.
Result by class of insurance
The combined ratio for P&I was 159
(146)%. Earned premiums, net of
reinsurance, amounted to USD 71 (67)
million. The insurance year claims cost
for other clubs' pool claims was USD 13
million in 2021 and it was USD 17 million
As of 31 December 2021, the P&I
portfolio, including Charterer’s liability,
consisted of 2,405 (2,231) vessels with
gross tonnage of 94 (86) million.
The combined ratio for FD&D was 109
(101)%. As of 31 December 2021, the
FD&D portfolio consisted of 1,442 (1,320)
vessels with gross tonnage of 58 (54)
million. Earned premiums, net of
reinsurance, amounted to USD 8 (7)
million. Claims incurred, net of
reinsurance, increased from USD 6
million in 2020 to USD 7 million in 2021.
The loss ratio for the year was 92 (85)%.
The combined ratio for Marine & Energy
was 103 (100)%. Earned premiums, net
of reinsurance, amounted to USD 71 (61)
million. Claims incurred, net of
reinsurance, increased from
THE SWEDISH CLUB ANNUAL REPORT 2021
47