The first of the International Group marine insurance mutuals to report an annual result has rung up the best surplus since 2010.

The Swedish Club made an $18.4m profit last year, a more than 8% improvement on the previous year, although the claims picture was mixed.

The result lifts the solvency capital or free reserve of the Gothenburg-based club to $186m, with managing director Lars Rhodin describing the outcome as a “solid operating result”.