Skuld delivered a positive financial result of USD 21 million for the year ended 20 February 2025 (USD 126 million in 2024), driven by a strong contribution from the investment portfolio across various asset classes and significant premium growth.
Gross earned premium reached USD 578 million (an increase of USD 51 million year-on-year), supported by a strong renewal and premium growth both in mutual and commercial business.
The financial year 2024/25 was impacted by a more challenging claims environment, which was accelerated in the second half of the year. The final month saw an unusually high number of claims being reported, especially within P&I. Claims above USD 1 million on Skuld’s own book increased in frequency, and the cost of claims shared by the International Group of P&I Clubs had a significant impact.
Global equities and fixed income both contributed positively to the investment portfolio, leading to a total investment income of USD 96 million and a corresponding portfolio return of 7.3%.
Skuld’s financial and solvency position is strong, and the contingency reserves stand at USD 562 million, leaving Skuld well-capitalised and equipped for future growth. Skuld remains well above all regulatory solvency requirements and is aligned with its own stricter internal solvency targets set by the Board.
Ståle Hansen, Skuld president and CEO, said: “Despite the challenging geopolitical landscape and this year’s larger claims environment, I am pleased to report that Skuld is financially robust with a strong balance sheet, a testament to our commitment to excellence. We remain steadfast and prepared for our industry’s inherent volatility. We have completed a successful 2025/26 renewal. I am proud of the Skuld organisation’s strong market momentum as we continue to offer our members and clients Skuld’s renowned service and deliver on our growth strategy.”