A discount of 4% on current year protection-and-indemnity (P&I) premiums is to be given to members by the Swedish Club.

The Gothenburg-based mutual, which is marking its 145th year in business, has decided on the reduction following a profitable outcome to 2016.

Both underwriting and investment activities contributed to an overall surplus of $11.8m that will have lifted the free reserve to about $195m.