Skuld reports a positive result of USD 46 million for the third quarter of the 2025/26 financial year, up from USD 40 million in the same period last year, ending with a contingency reserve of USD 603 million. The positive result is mainly driven by a strong return on the investment portfolio.
Highlights:
- Positive result of USD 46 million
- Strong investment portfolio return
- Continued premium growth
- Contingency reserve above USD 600 million
Gross earned premium ended at USD 460 million, an increase of USD 35 million compared to the same period last year. The nine-month technical result ended at a negative USD 6 million, with a combined ratio of 102%.
While the number of large claims in Skuld’s own portfolio has returned to a more normalised level, the pool cost reported through the International Group pooling system remains consistent with last year and has yet to revert to historical average levels. Skuld reported one new pool claim in the first nine months of 2025/26. The ongoing challenging claims environment, combined with persistent inflationary pressures and an anticipated increase in claims activity in the final quarter of 2025/26, underscores the need for further rate adjustments in 2026/27 to absorb the expected volatility.
The investment portfolio achieved a positive return of 5.5% over the past nine months, driven by positive contributions across all asset classes, particularly the continued upward trend in equities and the decline in US yields.
Ståle Hansen, President and CEO, said: “The ongoing geopolitical and economic uncertainties continue to shape the environment in which we operate. Through prudent risk management and robust financial strength, Skuld has demonstrated adaptability and resilience in its strategies, safeguarding the interests of our members and continuing our growth journey.
Looking ahead, we will build on our strong leadership foundation and remain committed to delivering excellent service to our members, clients, and brokers.”