Skuld, a global marine insurer, reported a solid financial result of USD 21 million for the financial year ending 20 February 2025.
Despite a more demanding claims environment, the company’s performance was underpinned by a significant rise in gross earned premium and strong investment income across multiple asset classes.
Gross earned premium climbed to USD 578 million, marking a year-on-year increase of USD 51 million.
This growth was driven by a combination of strong renewals and new business across both Skuld’s mutual and commercial portfolios.
While investment markets proved favourable, generating a return of 7.3% and total investment income of USD 96 million, the second half of the financial year presented notable challenges on the claims front.
In particular, the final month saw an uptick in high-severity claims, especially in Protection and Indemnity (P&I) lines.
The number of claims exceeding USD 1 million on Skuld’s own account rose, and the shared burden of large claims through the International Group of P&I Clubs further added pressure. As a result, net claims incurred for Skuld’s own account surged to USD 437 million, compared to USD 278 million the previous year.
Despite these headwinds, Skuld maintained a strong financial footing. Contingency reserves reached USD 562 million, reflecting the insurer’s robust capital position. Skuld continues to exceed all regulatory solvency requirements and remains aligned with its own, more conservative, internal solvency targets set by its Board.
Ståle Hansen, Skuld President and CEO, added: “Despite the challenging geopolitical landscape and this year’s larger claims environment, I am pleased to report that Skuld is financially robust with a strong balance sheet, a testament to our commitment to excellence.
“We remain steadfast and prepared for our industry’s inherent volatility. We have completed a successful 2025/26 renewal. I am proud of the Skuld organisation’s strong market momentum as we continue to offer our members and clients Skuld’s renowned service and deliver on our growth strategy.”
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