TSC Annual Report 2024 final - Flipbook - Page 25
Managing Director
Report
Our
story
Strong Financial
Performance
and Growth Propel
The Swedish Club
in 2024
In 2024, The Swedish Club delivered strong 昀椀nancial results,
increasing free reserves, improving its solvency ratio, and
achieving a signi昀椀cant milestone in operational e昀케ciency
with a combined ratio of 98%. The Club also continued to
innovate in underwriting, claims, IT, and human resources.
The year saw the launch of new products, like marine cyber insurance,
and a continued focus on digital transformation with the SAFIRE
platform. The year also marked a milestone in employee engagement,
with the entire staff coming together for the 昀椀rst time at a Spring
Summit, reinforcing the Club’s commitment to people development
and a strong organisational unity.
Financial Strength Surpasses Expectations
The Club entered 2024 with a clear focus on continuous improvement
across all facets of its operations. This effort paid off as the Club’s
昀椀nancial results surpassed expectations. Free reserves grew from
US$184 million to US$217 million, and the solvency ratio increased
from 171% to 186%.
Mikael Kromli, Director of Finance and Risk Management, reflected, “In
昀椀nancial terms, we surpassed our targets. We performed strongly in
underwriting and in investment returns – not by taking more risks but
by excelling on the fundamentals.” The Club’s success was built on a
disciplined focus on risk selection, prudent investment management,
and a clear commitment to long-term sustainability. The Club’s
investment strategy remained carefully balanced, ensuring that it was
able to manage risks and deliver solid returns in line with benchmarks.
In addition to strong 昀椀nancial results, AM Best con昀椀rmed the Club’s
A- rating while upgrading from a negative to a stable outlook, reflecting
the progress made in operational ef昀椀ciency. The Club is on track to
regain its S&P A-rating, with Kromli noting, “Our progress is ahead
of plan. We have seen continuous improvements in all facets of our
operations.”
However, the Club remains mindful of the challenges ahead,
particularly with global growth remaining modest and geopolitical
factors continuing to impact trade and 昀椀nancial markets.
The Swedish Club | Annual Report 2024
25
