Norwegian marine and protection and indemnity insurer Skuld has reported a healthy profit in the first six months of this financial year.

The Oslo-based mutual said it earned a final profit of $40m to the end of August, compared to $18m in the same period in the previous year.

A 12% increase in premium income to $256m, and a positive investment return of 2.2%, contributed to the result.

Skuld also improved its technical underwriting result with a combined ratio of 90%, amounting to $21m, up $9m on the same period last year.

Several large claims filed with the International Group of P&I Club's pool affected Skuld’s result by $12m.

Skuld, which did not report any pool claims, said that pool claims had returned to normal levels after a dip last year.

Chief executive Stale Hansen: “The benefits from the high quality of our entered tonnage, combined with our risk mitigation and loss-prevention initiatives continue to support our results. Moreover, this result further endorses our firm diversification strategy.”

Skuld’s positive half-year result, which follows similar earnings reported by Gard and the Swedish Club, will raise hopes among shipowners of a reduction in general increases at next February’s P&I renewal.

Hansen said Skuld needed to remain prudent in its pricing a risk selection.

“Inflation and high energy costs alongside various geopolitical tensions keep us ever mindful of the need for sensible pricing, selective underwriting, and very close working relationships with all of our members and clients,” he said.