Marine insurance provider, Skuld, has reported $32 million for the year ended February 20, 2023, with a positive technical result of $15 million.
The combined ratio improved year-on-year to 97%, Skuld noted.
A strong 2022/23 renewal with portfolio growth both in mutual and commercial lines of business contributed to a growth in gross earned premiums and calls of $54 million.
This was partly offset by an increase in reinsurance premiums of $27 million and net premium ended at $392 million, compared with $365 million in the year-ago period.
Net claims incurred ended at $287 million, compared with $318 million a year ago.
Covid-19 related claims were significantly reduced, partly offset by a couple of larger hull war claims in connection with the war in Ukraine.
Also, in 2023 claims costs have been significantly influenced by pool claims from other members of the International Group of P&I Clubs (IG) mainly driven by development on earlier years, Skuld noted.
“With expectation of inflation increases and an uncertain claims environment, Skuld continues the work on improving the performance of the mutual portfolio through improved rates for the 2023 policy year.”
With a positive contribution from the sale of Asta, net investment income ended at $4.7 million, compared with $2 million a year earlier. This equates to a net investment return on financial assets of 0.3%.
Skuld’s financial and solvency position is strong, and the contingency reserves now stand at $445 million.
“We are delighted to issue our first integrated annual report, combining a highly successful financial result while proudly presenting significant achievements in our work within ESG and sustainability,” Ståle Hansen, Skuld president and CEO, said.
