Skuld is pleased to report a positive result of USD 69 million for the first nine months of the 2023/24 financial year (ending 20 February 2024), an improvement from the half-year result of USD 29 million with positive contributions from both the technical result and a strong investment result in the third quarter.
Highlights:
- Combined ratio of 89%
- Positive contributions both from mutual and commercial lines of business
- Expect to exceed USD 500 million in gross premium by year-end
The technical result continued the positive development from the half-year, ending at USD 35 million year-to-date with an overall net combined ratio of 89 %. Compared with last year's third-quarter result, gross premiums and calls increased by USD 40 million to USD 391 million, and Skuld expects to exceed USD 500 million in premium income at the year end.
The performance of the mutual product was satisfactory, and a balanced underwriting result is anticipated for the financial year 2023/24.
Looking ahead, the claims environment is expected to return to a long-term average and with the observed inflationary pressures, the focus on capital strength continues to be a core priority for Skuld.
Ståle Hansen, Skuld president and CEO, said: "As we approach the P&I renewal season and the end of the year, I am pleased to state that Skuld is financially very robust, securing our ambitious growth strategy ahead. Our leadership position and world-class coverages and services ensure our members and clients can rest assured with Skuld."