The North P&I Club reported a 27% jump in free reserves as its gross premium income surged in the 2015-2016 fiscal year.
The protection-and-indemnity (P&I) mutual reported free reserves of $428m, a $90.3m improvement.
Gross written premiums increased by 24% to $490m in the fiscal year ended 28 February, compared to $395m in the prior period.
"During what has been another difficult year for the shipping industry, North has continued to provide its members with high levels of service whilst ensuring it remains a financially solid Club that is well positioned to meet future challenges," said chairman Pratap Shirke in an annual management report.
Earnings snapshot
| FY 2015/2016 | 2014/2015 | |
| Gross premium income | $490m | $399m |
| Underwriting result | $87.4m | ($29.2m) |
| Investment |
