EXAMPLE PAGE - ANNUAL REPORT - THE SWEDISH CLUB - Flipbook - Sida 48
FINANCIAL STATEMENTS
USD 49 million in 2020 to USD 58 million
in 2021. The loss ratio for the year was
81 (80)%.
At the end of 2021 the Marine & Energy
portfolio consisted of 4,809 (4,226)
vessels, with gross tonnage of 235 (192)
million and covered insured value of USD
21 (15) billion. The number of vessels
insured for Loss of Hire was 1,082 (939)
with a gross tonnage of 58 (37) million.
Investments
The financial result, including exchange
rate differences amounted to USD 10 (34)
million. The result from interest-bearing
securities was USD 3 (16) million. The
result for quoted shares amounted to
USD 14 (12) million and the result for
other financial income and expenses
amounted to USD -1 (0) million.
The result for forward exchange
contracts was USD -3 (3) million. The
Club entered into foreign exchange
agreements to lower the currency risk in
the USD accounts.
1995:1554 (ÅRL)), has been published
on the Club’s website,
www.swedishclub.com/about/
sustainability.
Significant events after the
balance sheet date
The Swedish Club does not have any
significant events to report on items that
have not previously been communicated
but relate to periods up to the balance
sheet date. After the balance sheet date,
insurance activities have developed in line
with the established goals and
expectations.
The war in Ukraine, which escalated in
February 2022, has increased uncertainty
in capital markets. The investment
portfolio of the Club had an immaterial
exposure to Russian and Ukrainian assets
at that time. The Club diligently monitors
imposed sanctions on Russia and
ascertains compliance.
Employees
Committed
• We are committed in everything we do.
• We build and develop relationships of
mutual benefit.
• Our service is based on respect and
professionalism.
The average number of employees during
the year was 110 (see Note 30 for more
information).
The maximum total cost of the bonus
program for employees has been set at
10% of the Club's salary costs including
social security expenses. No provision for
bonuses was made in 2021.
Note 30 also contains information on the
principles for establishing salaries and
benefits for senior management.
Risks and uncertainties
The Swedish Club’s operations give rise to
various types of risks that could have an
effect on its result and financial position.
There are four main categories of risk:
The conversion of investment assets into
USD resulted in exchange losses of
USD -2 (2) million. Other exchange
differences amounted to USD -1 (1)
million. At the end of 2021, the value of
the Club’s investments amounted to
USD 391 (397) million, of which 79 (79)%
consisted of interest-bearing securities,
21 (20)% were equity funds and 0 (1)%
were forward exchange agreements.
Balance sheet
For 2021, the provision for claims
outstanding was USD 342 (279) million.
The Swedish Club is a knowledgeintensive organisation. The
commitment, competence and
performance of employees are decisive
factors for the organisation's success
and competitiveness. The Swedish Club
intends to remain an attractive employer
by having a progressive human
resources policy, a healthy
organisational culture and wellestablished core values.
The Swedish Club’s core values are as
follows:
Proactive
The value of the Club’s investments
amounted to USD 391 (397) million.
At year-end, Hydra receivables (see Note
2, page 62, in the section on counterparty
risks) had an estimated value
corresponding to USD 15 (9) million.
These are reported in the balance sheet
under the heading ‘Other assets’.
Environment
The Club’s Sustainability Report, in
accordance with EU Directive 2014/95
(included in the Chapter 6, Section 12 of
the Swedish Annual Accounts Act,
48
• We are proactive in our approach.
• We respond in a forward-thinking and
proactive manner and focus on costefficient solutions.
Reliable
• We are reliable in our values and we
stand behind them.
• Through honesty and fair treatment,
we are able to gain confidence and
ensure continuity.
THE SWEDISH CLUB ANNUAL REPORT 2021
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Insurance risk
Counterparty risk
Financial risk
Operational risk
An Internal Capital Model (ICM) is used
for calculating and monitoring the risks.
The model is a key component of the
Club's process for Own Risk and Solvency
Assessment (ORSA). It is also an
important control mechanism for
calibrating capital needs.
Note 2 contains an overview of how these
risks affect operations and how the Club
manages them.
Other
The annual credit valuation of The
Swedish Club, carried out by Standard &
Poor’s, resulted in a rating of A-, negative
outlook, which was made public in
January 2022. A.M. Best also confirmed a
rating of A-, negative outlook.
Prospects for 2022
2021 was a year where, despite the
continued spread of the COVID-19 virus,