Skuld has reported a net result of US$36 million for the first half of the 2025/26 financial year, up from US$25 million during the same period last year. The marine insurer attributed the increase to improved technical performance and a strong return from its investment portfolio.
The company’s technical result returned to positive territory, reaching US$3 million, a reversal from the negative US$30 million recorded in the first half of 2024/25.
This improvement was reflected in a combined ratio of 99%. Skuld said the shift was mainly due to continued growth in premiums and calls, as well as a normalisation in claims costs compared to the previous year.
Skuld’s recent performance follows a year in which the company reported a financial result of US$21 million for the year ended February 20, 2025, a significant decrease from US$126 million in the prior year. The insurer noted that while gross earned premium rose to US$578 million, higher claims activity in the latter part of the year weighed on overall results.
Despite the positive technical result in the first half of 2025/26, Skuld stated that the claims environment remains challenging, both within the International Group (IG) pooling system and in its own portfolio. The insurer reported one new pool claim during the first six months of 2025/26.
Claims activity increased towards the end of the previous financial year, with a notable rise in reported protection and indemnity claims in February 2025. The number of large claims exceeding US$1 million on Skuld’s own book also grew, adding to the pressure on results.
Skuld’s investment portfolio produced a return of 4.3% for the period. The company pointed to equities reaching record highs and positive contributions from fixed income and currencies, as US yields and the US dollar weakened, as factors supporting the investment result.
During the 2025/26 renewal, Skuld reported a 6% increase in mutual P&I gross tonnage, reaching 122 million GT. The insurer also applied a 5% premium credit to members renewing vessels entered during the 2023 policy year, reflecting efforts to maintain competitiveness and reward long-term clients.
Ståle Hansen (pictured above), president and CEO of Skuld, commented on the results, stating: “While we are encouraged by the growth in premium, the ongoing volatility of claims costs highlights the possibility of further rate adjustments.”
“Moreover, we continue to acknowledge the impact of ongoing geopolitical instability on our operations. The global landscape, marked by political tensions and economic uncertainties, poses challenges.”
Hansen added that Skuld remains focused on supporting its membership and clients through careful risk management and financial strength.
“We remain vigilant and adaptable to these external pressures, helping Skuld’s membership and clients to continue to navigate these turbulent times with careful risk management and robust financial strength,” he said.
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