Skuld today announces results for the third quarter ending 20 November 2013.
|
Figures in USD million |
2013 (Q3) |
2012 (Q3) |
2011 (Q3) |
|
Premium income |
237,8 |
205,0 |
196,7 |
|
Technical result |
15,8 |
-6,6 |
22,6 |
|
Investment portfolio |
16,8 |
5,3 |
-0,4 |
|
Claims |
-164,0 |
-168,0 |
-132,0 |
|
Contingency reserves |
338,7 |
288,0 |
287,0 |
Highlights
- Bottom-line result of USD 31 million (2012: USD -2,2 million) driven by commercial operations; Fixed P&I, Charters and Offshore in particular
- Growth in contingency reserves in proportion with premium income; USD 339 million at the end of Q3 (2012: USD 288 million)
- Significant churn-effect, a challenge to reach technical balance on mutual business
- Reduction in claims reserves from previous policy years and absence of major claims seen as positive short-term developments; no shift in overall claims trend expected as we enter the most claims-intensive quarter of the year
Douglas Jacobsohn, President & CEO comments: “It has been a positive quarter for Skuld. The growth in contingency reserves is evidence of our strong financial position as we continue to grow in line with strategy towards our 2020 goals. Skuld’s investment in people ensures we can continue to deliver our members and clients the levels of service and excellence we are recognised for – the personal, hands-on approach to service is what makes Skuld different.”
For full details of the Third Quarter Report, please visit our Financial reports page.