Skuld reports positive six-month result 2016

Press release

Published: 9 September 2016

Skuld reports positive six-month result at USD 29 million

Skuld today announces a positive six-month result (ending 20 August 2016) of USD 29 million, up from USD 9 million in the same period last year. The strong bottom-line result contributes to a record high contingency reserve of USD 379 million, supported largely by Skuld's investment portfolio – with net investment income of USD 34 million driven by strong equity markets and declining interest rates.

Skuld's technical result for the period stands at a USD 5 million loss, and a corresponding combined ratio of 103% at the half year, due in large part to two large claims shared by the International Group (IG) of P&I clubs.

Ståle Hansen, Skuld president and CEO, said: "We remain positive about opportunities in the global shipping market in spite of the impact of a small number of claims in the first six months; claims frequency remains stable. Our strategy of diversification continues to pay dividends and has been an important contributor to our success. Skuld remains in good health as reaffirmed with our 'A' (stable outlook) by Standard and Poor's.

"For our mutual members we will, as announced in 2015, show our commitment to them by offering a mutual premium credit of 2.5 % on the individual members' premium for the policy year 2015/2016.

"The acquisition of SMA/Gerling Norway headed by Tron Nummedal is moving forward as planned and will commence underwriting on Skuld paper from 1 January 2017.

"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.