Energy sector mutual insurer Oil Insurance Ltd racked up profits of $731 million in 2014, as it had its best underwriting year.

The Bermuda-based company said its directors had also agreed to pay out a dividend totalling $400 million to shareholders.

Oil, which was has been operating since 1972 and whose shareholders are a group of energy companies which are also policyholders, held its annual general meeting at the Fairmont Southampton hotel last week.

The annual profit was nearly $100 million higher than 2013’s $631.9 million.

Net underwriting income came to $551.7 million, up from $53.2 million in 2013. Net investment income was $199.2 million, down from $599.3 million in 2013.

“This year was Oil’s best underwriting year in the Company’s 43-year history,” chief operating officer George Hutchings said. “In addition, two companies made decisions to join Oil. One of which became the first Asian energy company to accept membership in Oil.”

Amon the 56 Oil member listed on Oil’s website are prominent energy companies including Chevron, Andarko Petroleum, Marathon Oil and Valero Energy of the US; Suncor Energy, Talisman Energy and Canadian Oil Sands Ltd in Canada; and Total, BASF and Repsol in Europe.

Chief executive officer Robert Stauffer said: “Oil Insurance Ltd is committed to providing long-term value to its membership by offering significant policy limits with broad terms and conditions, returning excess value by way of premium credits and dividends when appropriate as well as potentially considering additional coverages to enhance the overall value proposition of being a member.”

At the meeting, Gerard Naisse was elected chairman and Roberto Benzan the deputy chairman.