The most obvious issue is that there was an underwriting loss of $49m, so the clubs remain very dependent on investment income.
Gallagher puts investment income for the year at $332m, with exchange losses and tax of $52m balancing the accounts.
But the underwriting loss is much more serious than these crude figures suggest.
The broker puts the underwriting loss for the pure policy year to 20 February at $406m, with the much lower technical result reported largely down to an improved assessment of over reserved earlier years.
Year
