This Solvency and Financial Condition Report (“SFCR”) covers the Business and Performance of the Association, its System of Governance, Risk Profile, Valuation for Solvency Purposes and Capital Management.
Directors' Report & Financial Statements for the year ended 20th February 2017.
The Review of the year 2017 details the Club's financials and claims experience. 2016 has been another strong year for the Club. Despite a small number of large claims notified to the Club towards the end of the year, a decent underwriting result and strong performance within the investment markets have enabled the Club to record a surplus for the ninth year in a row.
The Club’s performance over the first six months of the year has been extremely strong. After six months of the year, total notified claims on the prudently reserved 2016 policy year are encouraging with few large claims within the Club or Pool retentions. Claims on prior policy years have also developed favourably. Full details of the Club's half year financials are available in the attached '2016 Autumn Review'.
Review of the year and Financial Statements of the Club for the year ended 20th February 2016.
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%. Full details are available in the Club's 2016 Review of the Year.
At the half year, the UK Club holds free reserves and hybrid capital of $559 million. The surplus achieved in the first six months of the year contributed to this increase in free reserves, despite uncertainty in global investment markets.
Review of the year and Financial Statements of the Club for the year ended 20th February 2015.
2014 has been a year of significant progress for the Club. A commitment to disciplined underwriting has delivered a combined ratio for the financial year of 104%, the fifth consecutive year that the Club has performed at or close to its target of 100%. The 2015 Review of the Year is available to download.
The strength of the Club has enabled it to weather the particularly intense claims year of 2013 and to return a break-even result for the half year. The Club has maintained its capital position at the half year with $529m...