Swedish results

The Swedish Club has reported a solid financial performance for 2025, supported by disciplined underwriting, risk management and capital management. This marks the third consecutive year of positive results, reflecting a consistent, long-term approach in an increasingly complex operating environment. The Club recorded an operating result of US$48 million, including a $5 million underwriting result (97 per cent combined ratio) and a $43 million financial result. Free reserves increased to $270 million (2024: $216 million), while the solvency ratio rose to 205 per cent (2024: 186 per cent), supporting continued stability in service and decision making.