The Club's return to the top level of our industry, both in terms of capital and its underwriting discipline, has been recognised by Standard & Poor's in their decision to restore

It is a very significant event for the Club, but we should not see this as an end in itself. Having restored the Club's financial position, we have now to make sure that we put a similar level of effort into maintaining our reputation for best in class service.

This year the Club has increased its free reserves and capital by $34 million. This takes the Club's total capital to a new high of $528 million, comprising the underlying free reserves of $430 million and hybrid capital of $98 million. The outcome reflects a sound underwriting result in the face of mounting claims costs during the 2013 policy year, and an investment return of 4.5% amounting to $44 million.

The financial year combined ratio of 102% represents the fourth consecutive year of combined ratios close to 100%.