The Swedish Club has reported a $17m surplus in the first six months of the year despite rising claims.

The increased return allowed the club to increase its free reserves from $209.6m to $220.7m.

By comparison the Gothenburg-based protection and indemnity and marine insurance mutual made only $0.2m profit in the same period last year.

This year’s half-term result was helped by a healthy 6.3% investment return.

The positive investment return helped to counter an increase in the number of claims from other P&I mutuals which were placed under the International Group of Protection and Indemnity clubs' pooling system.