Norway’s Gard has revealed a net profit for the first six months of this year despite the continued soft rates in the protection and indemnity market and a negative investment return.
The Arendal-based P&I club said it had made $27m after tax on an estimated total call basis. It made an investment loss of $41m over the period, but its total equity is still the highest among the P&I mutuals at $1.26bn.
