Skuld reports positive six-month result

Press release

Published: 11 September 2015

Skuld today announces a positive six-month result of USD 9 million supported by a strong contribution from diversification and a benign claims period.

The focus on high-quality growth continued to deliver a positive underwriting result and an overall combined ratio of 95%. Net investment income had a deficit of USD 0.8 million due to the recent volatility in the financial markets, mainly driven by exposure in equities. In line with a change in Norwegian accounting principles similar to other EU countries, Skuld recognised the actuarial loss on pension liabilities in the balance sheet of USD 12 million, reducing the contingency reserves by the same amount.

Ståle Hansen, Skuld president and CEO, said: "The global shipping market will continue to offer both challenges and opportunities ahead; we note high pressure on premium rates with fierce competition on newbuilds. Our new income streams through diversification will reduce the pressure for significant premium increases for our mutual members. Skuld is a truly international organisation and together we make up a very strong, cohesive team that will continue to abide by the Skuld promise of delivering the best service and competence that our members and clients can rely on."

Please see full report on our Financial reports page.