Marine insurer Skuld has reported a $13.4m profit for the first nine months of the financial year.
The figure is up $33.9m on the same period last year.
Skuld’s technical underwriting registered a $21.6m profit, and a combined ratio of 94%.
The results include its mutual protection and indemnity cover and its commercial marine insurance and energy lines.
Premium increased by $41.5m over the three quarters to $350.5m.
Skuld said it had experienced a low level of claims so far this year. Its commercial insurance lines showed a profitable technical result but its P&I business was “above target”.
Investment income suffered a 1.5% loss in the third quarter.
“Skuld is in a very robust financial state,” said chief executive Stale Hansen, but he was cautious over future rates, given inflationary pressures.
“Notwithstanding a relatively benign claims environment, global inflation is likely to impact claims costs negatively as we move into 2023, and we need to remain mindful of accuracy in pricing and selective underwriting.”
Skuld earlier announced it is targeting a 10% increase in mutual P&I premium at February’s renewal.
