This year has seen the Club build on the success of last year and deliver a surplus after taxation of $63 million, raising the free reserves and capital to $478 million.

A key feature of this year's surplus was the achievement of a combined ratio of 98 per cent, reflecting improved underwriting discipline while maintaining a prudent approach to claims reserving.

The Club now has $1.6 billion in total assets and with a free reserve ratio (asset to liability) of 159 per cent is one of the strongest clubs in the International Group.

The excellent underwriting result has been supported by an investment return of 6.2 per cent, which outperformed the benchmark portfolio whilst balancing the risk of the various asset types in what is still an uncertain investment market for both fixed interest and equities.

The Club has successfully rebuilt its capital position through careful management and continues to deliver the highest quality of service to Members in what have been volatile and challenging times.