Norwegian marine insurer Skuld has reported a $69m profit for the first nine months of this financial year on the back of strong investment and underwriting returns.
The Oslo-based mutual said its underwriting activities made a profit of $35m and a combined ratio of 89%.
Skuld said both its commercial hull and machinery and energy insurance and mutual protection and indemnity lines had contributed “positively” to the underwriting result.
Gross premium and calls for the nine-month period reached $391m, up $40m on the same period last year.
Skuld said it expects total income to exceed $500m at the end of the financial year, which runs to 20 February 2024 when annual protection and indemnity policies are renewed.
The insurer's management is targetting further growth.
“As we approach the P&I renewal season and the end of the year, I am pleased to state that Skuld is financially very robust, securing our ambitious growth strategy ahead. Our leadership position and world-class coverages and services ensure our members and clients can rest assured with Skuld,” said chief executive Stale Hansen.
Skuld earlier said it would be seeking a 5% increase in P&I premium at the policy renewal.
It expects what has been a period of relatively low claims to eventually return to the long-term average while inflation is also a concern.
Skuld said a focus on capital strength would continue to be its core priority.
