The Board of TT Club
has announced its financial year 2002 results. The Club posted a full year after tax surplus of $10.7 million (from a 2001 loss of US$40.2 million),
supported primarily by a positive technical underwriting result of US$6.6
million (an improvement of US$35.5 million) and an increase in investment
income. As a result the Club's free reserves (undiscounted) rose by 27
percent to US$50.2 million.
Sir David Thomson
, TT Club Chairman
, commented: "The TT Club has faced and
dealt successfully with a tremendous challenge in 2002. Our task was to
protect the Club's solvency from any further decline after the difficulties
of 2001 and I am pleased to confirm we have achieved this objective."