A result close to last year’s highly profitable performance is in prospect from the protection and indemnity clubs.
The 10 mutuals to have reported so far — or at least given an indication of the likely outcome — have rung up headline profits of more than $530m.
But decisions to return premium, not collect deferred calls or pay a capital dividend by the Gard, Britannia, Skuld and Swedish clubs, along with some other adjustments, means the collective free reserve is up by just under $410m.
