Skuld has reported a positive financial outcome for the year ending February 20, 2025, achieving a profit of USD 21 million, compared to USD 126 million in 2024. This favorable result was largely supported by a robust performance from the investment portfolio across various asset classes and significant growth in premiums. The gross earned premium rose to USD 578 million, an increase of USD 51 million from the previous year, reflecting strong renewal rates and premium growth in both mutual and commercial sectors.
However, the financial year 2024/25 faced challenges due to a more difficult claims environment, particularly in the latter half of the year. The final month of the reporting period saw a notable spike in claims, especially within Protection and Indemnity (P&I) insurance. The frequency of claims exceeding USD 1 million increased, and the costs associated with claims shared among the International Group of P&I Clubs had a substantial effect on overall financial results.
On a positive note, the investment portfolio generated a total income of USD 96 million, resulting in a portfolio return of 7.3%. Skuld’s financial health remains strong, with contingency reserves totaling USD 562 million. The company exceeds all regulatory solvency requirements and adheres to stringent internal solvency targets established by the Board.
Ståle Hansen, Skuld’s president and CEO, expressed satisfaction with the company’s resilience despite a challenging geopolitical climate and an increase in claims. He emphasized Skuld’s strong balance sheet and ongoing commitment to excellence in service delivery. Hansen also noted that they have successfully completed the renewal for 2025/26, reflecting the organization’s strong market momentum and dedication to their growth strategy.