Skuld today announced a positive bottom line result of USD 13.5 million for its 2014 financial year (USD 29 million in 2013).
At the end of the year, Skuld's contingency reserves stood at a new record level of USD 348 million. Gross earned premium in 2014 amounted to USD 411 million, representing an increase of 8.4 % on P&I and commercial businesses combined. A strong focus on controlled growth and diversification delivered a positive underwriting result, and maintained the combined ratio at 99%.
Ståle Hansen, Skuld President and CEO said: "This is a positive result and we are pleased to have fared so well in a challenging year for Skuld where we have seen an increased number of large claims and a notable churn effect on the P&I owners book. Furthermore, with our dedication to excellence in service we are looking back on a successful year of on-boarding additional key competencies in our strategic business units and will by this continue to ensure the highest service quality to our members and clients.
"Our vision and strategy remain firm, and to me continuity is important in order for Skuld to develop successfully. Fierce competition and volatile markets underscore the importance of continuing our diversification strategy to ensure profitable growth in the coming years."
Please see full report on our Financial reports page.