2015 has been another strong year for the Club. The importance of consistent disciplined underwriting was evident in a year of volatility in the investment markets. The combined ratio for the financial year was 92%, better than the Club's target of 100%.

With six consecutive financial years at or close to break even, the Club has developed a strong track record for balanced underwriting. This consistent underwriting performance enabled the Board to discount the 2014 policy year mutual premium by 2.5%.

Global investment markets were less favourable. Given the prevailing conditions, the Club's return of negative 1% (excluding the impact of foreign exchange) was respectable.

At 20 February 2016, the Club held free reserves of $448 million with a further $99 million held in hybrid capital.

The 2016 Review of the Year is now available to download as a pdf. Hard copies will be mailed to Members in the next few weeks.