TSC Annual Report 2024 final - Flipbook - Page 45
Managing
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Board of
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net of reinsurance, amounted to USD 95 (93) million. The
insurance year claims cost for other clubs’ pool claims was
USD 12 million in 2024 and it was USD 13 million in 2023.
Claims incurred, net of reinsurance, decreased from USD 73
million in 2023 to USD 71 million in 2024. The loss ratio for
the year was 75 (79) %.
As of 31 December 2024, the P&I portfolio, including Charterer’s
liability, consisted of 2,291 (2,286) vessels with gross tonnage of
91 (90) million.
The combined ratio for FD&D was 91 (81) %. As of 31
December 2024, the FD&D portfolio consisted of 1,398
(1,447) vessels with gross tonnage of 62 (66) million. Earned
premiums, net of reinsurance, amounted to USD 9.7 (9.5)
million. Claims incurred, net of reinsurance, increased from
USD 6.3 million in 2023 to USD 7.5 million in 2024. The loss
ratio for the year was 77 (66) %.
The combined ratio for Marine & Energy was 99 (110) %.
Earned premiums, net of reinsurance, amounted to USD 83
(77) million. Claims incurred, net of reinsurance, decreased
from USD 68 million in 2023 to USD 64 million in 2024. The
loss ratio for the year was 77 (88) %.
At the end 2024 the Marine & Energy portfolio consisted
of 6,816 (6,087) vessels, with gross tonnage of 374 (337)
million and covered insured value of USD 28 (24) billion.
The number of vessels insured for Loss of Hire was 1,011
(940) with a gross tonnage of 53 (50) million.
Investments
The return on the investment portfolio was 6.6 (9.2) %,
corresponding to an investment result of USD 30 (34)
million. The result from interest-bearing securities was
USD 17 (21) million, including exchange revaluations
of USD -1 (1) million, and the result for equity holdings
amounted to USD 12 (12) million. At the end of 2024,
the value of the Club’s investments had grown by USD
62 million as a result of the positive investment result
of USD 29 million and investments of positive cash
flows from the insurance activities amounting to USD
33 million. The total invested amount of USD 498 (436)
million was composed of 82 (85) % interest-bearing
securities and 18 (15) % equity holdings.
Other 昀椀nancial items
The result for forward exchange contracts was USD -0 (-1) million,
miscellaneous 昀椀nancial income and expenses amounted to
USD 2 (1) million. Exchange differences from revaluation of
insurance-related items amounted to USD -2 (1) million.
Other Comprehensive Income
Other comprehensive income, related to hedging of future
operating expenses denominated in SEK into USD – for the
purpose of reducing the currency risk in USD accounts – was
USD -1.1 (4) million. See Note 1.
Balance sheet
For 2024, the provision for claims outstanding was USD 454
(400) million.
Finance activities
The 昀椀nancial result before transfer to technical account, including
exchange rate differences amounted to USD 30 (34) million.
The value of the Club’s investment assets amounted to USD
498 (436) million.
The Swedish Club | Annual Report 2024
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