Skuld reported a positive financial result of USD 103 million for the year ended 20 February 2026 (USD 21 million in 2025), driven by strong contributions both from the technical result and the investment portfolio.
Gross earned premium reached USD 615 million (an increase of USD 37 million year on year), supported by a strong renewal and premium growth across both mutual and commercial business.
Claims development in 2025/26 returned to a more normalised level across mutual and commercial lines, as well as claims reported through the International Group of P&I Clubs' pooling system, contributing to a reduction in claims costs by USD 74 million compared with the previous year. Skuld reported one new pool claim during the year.
The continued premium growth and a more stabilised claims environment resulted in a technical result of USD 20 million, with a net combined ratio of 96%.
Skuld's financial position remains strong, with contingency reserves of USD 659 million, well above all regulatory solvency requirements. Despite market volatility, global equities, fixed income, and currency exposure all contributed positively, resulting in an investment portfolio return of 8.7%.
Sustainability remains central to Skuld's strategy, with ESG priorities continually refined to reflect members' ambitions and the realities of day-to-day operations. Skuld invests time and expertise on new fuels, technologies, and their operational implications, serving as a reliable partner to the maritime community.
Ståle Hansen, Skuld president and CEO, said: "Skuld reports the second-strongest result in its 129-year history, reflecting the high quality of our members and clients. The solid technical result underlines disciplined underwriting and prudent risk selection.
"Skuld's commitment to sustainability remains steadfast as we support shipowners with insight, transparency and expertise while they navigate increasingly complex decarbonisation pathways.
"In a time of geopolitical uncertainty, diversification is not simply a strategy, it's a core source of resilience. Skuld continues to safeguard people, the environment and property, delivering consistent performance and service excellence, and this year's strong results are largely thanks to the dedication of our teams across all offices."