Skuld is pleased to report a positive nine-month (ending 20 November 2024) result of USD 40 million. The positive result was driven by a strong contribution from the investment portfolio. across asset classes.
Highlights:
- A positive result of USD 40 million
- Strong investment return
- Continued premium growth
Skuld ended the third quarter of the 2024/25 financial year with a positive result of USD 40 million, driven by strong contributions from the investment portfolio across asset classes. The growth in premiums and calls continues both for commercial and mutual lines of business, resulting in gross earned premiums and calls of USD 424 million at 20 November, an increase of USD 33 million compared with the same period last year.
Despite the premium growth, the nine-month technical result ended at a negative USD 34 million, with a combined ratio of 108%. The technical result was largely influenced by a more than doubling of pool costs year-on-year, after an increase in claims reported through the International Group pooling system and an increase of large claims in Skuld's own portfolio. Skuld reported one new pool claim in the first three quarters of 2024/25. After experiencing a benign large-claims environment in recent years, the return to a more normalised claims environment, with a relative increase in higher-value claims, has highlighted the need for premium rate adjustments.
The investment portfolio achieved a positive return of 5.7% over the past nine months, driven by positive contributions across asset classes, particularly the continued upward trend in equities.
Ståle Hansen, Skuld president and CEO, said: "We are pleased to report a positive result at the nine months driven by a continuing strong contribution from the investment portfolio throughout the financial year. However, as the claims environment returns to more normal levels, we acknowledge that the industry needs further rate adjustments to absorb the higher claims costs.
"We continue our dedicated growth strategy by expanding our product range to adapt to the evolving needs of the shipping and energy markets while maintaining our robust financial position. Skuld continues to deliver outstanding service to our members, clients, and brokers and upholds our leadership position in global marine insurance."