Investment markets remained uncertain through 2014/15 and the returns were on average reduced compared to 2013/14. The average P&I club investment return in 2014/15 was 2.9% (3.7% the previous year).
Despite this reduced level, because of the underwriting surplus, the entire investment return (equating to approximately USD 208 million) simply added cleanly to the total free reserves of the market.
This result is outlined in the graph opposite which shows the progression of underwriting, investment and overall result for the market over the last 16 years.
N.B. to reflect the underlying underwriting result, the solid lines show the results as reported, the dashed lines display how the underlying trend would have looked without the unbudgeted calls from 2008/09.
The overall underwriting result of the market improved materially in 2014/15.
Overall result – Including investment income
