Theresult of the protection and indemnity mutual is a little below the $11msurplus of the previous year, but the fall is entirely down to a decision to givea 2.5% premium concession to its shipowner members, that cost $7m.
Otherwisethe UK Club would have been reporting a profit of $16.5m.
Theclub made a 3.7% investment return that added $39.6m to its coffers, but therewas a 104% combined ratio, indicating an underwriting deficit of $13m.
